LRS for RIs – Monthly return discontinuation
Requirement of submission of LRS monthly return by the AD Category-I Banks has been discontinued from the month September 2024 by the RBI
Review of Master Direction – NBFC – P2P Lending Platform (Reserve Bank) Directions, 2017
RBI issued notification wherein it elaborated/ clarified/ amended certain provisions of the NBFC-P2P guidelines
Remittances to IFSCs under the LRS
RBI has permitted remittances under LRS to IFSCs for availing financial services or financial products and all current or capital account transactions
Investment in overseas funds
RBI prescribed that along with investment (including sponsor contribution) in units, any other instrument (by whatever name called) issued by an investment fund overseas, duly regulated by the regulator for the financial sector in the host jurisdiction, shall be treated as OPI
Release of foreign exchange for miscellaneous remittances
RBI streamlined regulatory compliances and operational procedures by prescribing filing of Form A2 in physical or digital form for all cross-border remittances irrespective of the value of transaction
Online submission of Form A2: Removal of limits on amount of remittance
RBI prescribed that there shall not be any limit on the amount being remitted on the basis of ‘online’ Form A2
Issuance of partly paid units to persons resident outside India by investment vehicles under Foreign Exchange Management (Non-debt Instruments) Rules, 2019
RBI gave an option to regularise issuance of partly paid units by AIFs to PROI which were issued when were not permitted
Draft guidelines – Regulation of Payment Aggregators
RBI has placed on its website draft directions on regulation of PAs
Amendment to Master Direction on Prepaid Payment Instruments
RBI has permitted PPI issuers to issue PPIs for making payments across various public transport systems
Liberalised Remittance Scheme for Resident Individuals- Reporting of monthly return and daily transactions
RBI has rationalised reporting in SMF wherein forms will be auto-acknowledged