reporting of LRS remittances

RBI has mandated vide its circular dated 17th June, 2021 that all reporting by banks in respect of remittances under liberalised remittance scheme should be done in XBRL format from July 2021 onwards.

Its a monthly return to be submitted by the 5th of the succeeding month and captures figures of no. of applications under the LRS scheme and amount remitted.

The XBRL site for this purpose can be accessed at  https://xbrl.rbi.org.in/orfsxbrl

In case there is no remittances, then NIL report should be submitted.

This is what gets my goat, India is a return friendly country, for every tom dick and harry government department wants multiple returns and forms to be submitted and NIL in case there is no data for that particular month. I don’t understand why they want NIL returns also to be submitted, can it not be presumed to be NIL in case the return is not filed, why specifically and NIL return to be filed.

I guess returns and forms is the way the government controls our activities to ensure that the businesses do not stray from the line of compliance. In some jurisdictions, there are forms like 15CA, 15CB where apart from the multiple returns for any ridiculous rule, there are CA certificates also insisted. Like that we have BB, CC, DD ZZ files and returns to be submitted. Damn!!

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