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RBI Discontinues, Merges, and Moves 17 Returns Online

Current · Source: Reserve Bank of India · RBI/2021-2022/172 · issued 18 Feb 2022 · ~1 min read
Quick answerRBI is discontinuing/merging one return on non-resident guarantees and converting 21 paper/email-based returns to online filing, including FII weekly, MTSS, NRO remittances, diamond import reports, and ESOP reporting. Exact dates will be notified later.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, used to mail a paper return every week about foreign investments (FII flows). After this rule, she sets up her team to file that return online, saving time and avoiding lost paperwork.

What changed

RBI announced the discontinuation/merger of the 'Details of guarantee availed and invoked from non-resident entities' return. Additionally, 21 returns currently submitted via paper or email will be converted to online filing, covering areas like FII flows, MTSS, NRO remittances, diamond imports, and ESOP reporting.

What it means for you

Banks and authorized persons must prepare to shift from manual to digital submission for these returns, reducing paperwork and streamlining compliance. The discontinuation of the guarantee return simplifies reporting for non-resident guarantee transactions. This is part of RRA 2.0's effort to ease regulatory burden.

What you must do

Who it affects

All Authorised Persons (AD Category-I & II banks), Full-Fledged Money Changers (FFMCs), Indian agents under Money Transfer Service Scheme (MTSS), Entities dealing with non-resident guarantees, FII/FPI investment reporting desks, Diamond importers and exporters

❓ Common questions

Which return is being discontinued or merged?

Only one return is listed for discontinuation/merger: 'Details of guarantee availed and invoked from non-resident entities' (Annex 1).

What happens to the returns that are moving online?

Twenty-one returns currently submitted via paper or email will be converted to online filing. This includes FII weekly reports, MTSS statements, NRO remittance details, diamond import reports, and ESOP reporting, among others.

📜 Read the original circular — full text as issued by RBI
RBI/2021-2022/172 A.P. (DIR Series) Circular No.26 February 18, 2022 All Authorised Persons Madam / Dear Sir, Regulations Review Authority (RRA 2.0) – Interim Recommendations – Discontinuation/Merger/Online Submission of Returns Please refer to the press release dated February 18, 2022 issued on the captioned subject. 2. As part of the implementation of the interim recommendations of the RRA 2.0, it is proposed to discontinue/merge the returns listed in the Annex 1 . Further, it is also proposed to convert, the paper based/ e-mail-based returns listed in the Annex 2 , into online filing. 3. The exact date of discontinuation/merger and online filing of the returns, would be notified in due course. Yours faithfully, (Ajay Kumar Misra) Chief General Manager-In- Charge Encl: As above Annex - 1 List of Returns to be Discontinued/ Merged S.No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-2022/172 · issued 18 Feb 2022. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update internal systems and processes to support online filing for the 21 returns listed in Annex 2.
📜 Compliance
  • Identify which of your current returns are in Annex 1 (to be discontinued/merged) and Annex 2 (to go online).
  • Train staff on the new online submission procedures once RBI notifies the exact implementation dates.
  • Monitor RBI notifications for the exact dates of discontinuation/merger and online filing go-live.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All Authorised Persons (AD Category-I & II banks), Full-Fledged Money Changers (FFMCs), Indian agents under Money Transfer Service Scheme (MTSS), Entities dealing with non-resident guarantees, FII/FPI investment reporting desks, Diamond importers and exporters), your first concrete step on “RBI Discontinues, Merges, and Moves 17 Returns Online” is: “Identify which of your current returns are in Annex 1 (to be discontinued/merged) and Annex 2 (to go online).” (RBI issued this 18 Feb 2022).

  1. Circular: RBI/2021-2022/172 -- RBI Discontinues, Merges, and Moves 17 Returns Online
  2. Issued: 18 Feb 2022
  3. Action required: Identify which of your current returns are in Annex 1 (to be discontinued/merged) and Annex 2 (to go online).
  4. Action required: Update internal systems and processes to support online filing for the 21 returns listed in Annex 2.
  5. Action required: Train staff on the new online submission procedures once RBI notifies the exact implementation dates.
  6. Action required: Monitor RBI notifications for the exact dates of discontinuation/merger and online filing go-live.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 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=12244&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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