What changed
Earlier, AD banks had to submit monthly LRS data in both hard copy and soft copy (Excel) and later also through ORFS. Now, RBI has decided to collect data only in soft form, dispensing with hard copy submission entirely. Effective July 1, 2013, banks must upload June 2013 LRS data solely via ORFS by the 5th of the next month.
What it means for you
This move eliminates the administrative burden of preparing and sending physical statements to RBI, reducing paperwork and manual effort. Banks must ensure their ORFS access is functional and that staff are trained to upload data, including nil returns, within the deadline. Non-compliance could lead to reporting gaps, so internal processes need to be updated accordingly.
What you must do
- Update your internal LRS reporting SOPs to remove hard copy submission steps effective July 1, 2013.
- Ensure ORFS credentials are active and test the upload process before the June 2013 data deadline.
- Train relevant staff on uploading nil returns when no LRS transactions occur in a month.
- Set up a calendar reminder to upload LRS data by the 5th of each month without fail.
Who it affects
AD Category-I banks handling LRS transactions, Compliance and reporting teams at banks, RBI's Foreign Exchange Department
What is the deadline for uploading LRS data under the new digital-only process?
Data must be uploaded on ORFS by the 5th of the month following the reporting month. For June 2013 data, the deadline is July 5, 2013.
What if our bank had no LRS transactions in a month?
You must still upload 'nil' figures in ORFS. There is no exemption from reporting even if there are no remittances.
Which URL should we use to access ORFS for uploading LRS data?
The URL remains the same: https://secweb.rbi.org.in/ORFSMainWeb. No change in access point.