No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2007-2008/277 · issued 04 Apr 2008 · ~1 min read
Quick answerStarting April 2008, AD Category-I banks must report Liberalised Remittance Scheme data monthly instead of quarterly. Reports are due by the 5th of the following month to RBI's Foreign Exchange Department in Mumbai.
What changed
RBI shifted the reporting frequency for the Liberalised Remittance Scheme from quarterly to monthly, effective April 2008. Banks must now submit a statement with application counts and remittance amounts in USD, broken down by purpose, by the 5th of each subsequent month.
What it means for you
This change increases the reporting burden on AD Category-I banks, requiring more frequent data compilation and submission. It gives RBI tighter oversight of outflows under the scheme, which may lead to quicker detection of trends or anomalies. Banks need to adjust their internal processes to ensure timely monthly submissions.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Update internal reporting systems to generate monthly LRS data instead of quarterly.
Ensure the monthly statement reaches RBI's Foreign Exchange Department by the 5th of the following month.
Train staff on the new format, which includes purpose-wise breakdowns like deposits, property purchases, and investments.
Verify that all other terms from earlier circulars (2004, 2006, 2007) remain unchanged and are still followed.
Who it affects
AD Category-I banks, Foreign exchange departments of banks, Compliance teams handling LRS reporting
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-19 14:17 IST
Status change: withdrawn05 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the new deadline for LRS reporting?
Reports must reach RBI's Chief General Manager-in-Charge, Foreign Exchange Department, Central Office, Mumbai, on or before the 5th of the month following the reporting month.
Does this circular change any other LRS rules?
No. All other terms and conditions from earlier circulars (February 2004, December 2006, May 2007, and September 2007) remain unchanged.
📜 Read the original circular — full text as issued by RBI
RBI/2007-2008/277
A.
P. (DIR Series) Circular No. 36
April 04, 2008
To
All Category - I Authorised Dealer Banks
Madam
/ Sir,
Liberalised Remittance Scheme for Resident Individuals
- Reporting
Attention of Authorised Dealer Category - I (AD Category
- I) banks is invited to para
6 of A. P. (DIR Series) Circular No.24 dated December 20, 2006 , in terms of
which AD Category - I banks are required to furnish information on the number
of applications received and total amount remitted under the Liberalised Remittance
Scheme (the Scheme), on a quarterly basis, in the prescribed format.
2.
It has now been decided, with effect from April 2008, to collect the information
in respect of the Scheme on a monthly basis instead of quarterly basis. Accordingly,
beginning from April 2008, AD Category – I banks are required to furnish the information
on monthly basis, in the format annexed . The statement should
reach the Chief General Manager-in-Charge, Foreign Exchange Department, (FID-EPD),
Reserve Bank of India, Central Office, 11 th Floor, Central Office Building,
Mumbai-400 001, on or before fifth of the following month to which it relates.
3.
All other terms and conditions mentioned in A.
P. (DIR Series) Circular No. 64 dated February 4, 2004 , A.
P. (DIR Series) Circular No. 24 dated December 20, 2006 , A.
P. (DIR Series) Circular No. 51 dated May 8, 2007 and A.
P. (DIR Series) Circular No.9 dated September 26, 2007 , shall remain unchanged.
4.
The directions contained in this circular have been issued under Sections 10(4)
and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without
prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Salim Gangadharan)
Chief General
Manager-in-Charge
ANNEX
[A.
P. (DIR Series) Circular No. 36 dated April 04, 2008]
Statement
indicating the details of remittances made by resident individuals under the Liberalised
Remittance Scheme for Resident Individuals for the month of -------------
Name of the Bank :
Sr.
No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/277 · issued 04 Apr 2008. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4099&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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