What changed
RBI replaced the Online Return Filing System (ORFS) with the XBRL system for reporting LRS data. AD Category-I banks must now upload the number of applications and total remittance amounts via the XBRL portal at https://xbrl.rbi.org.in/orfsxbrl. The first submission under the new system is due by August 5, 2021, for July 2021 data.
What it means for you
Banks need to transition their LRS reporting workflow to the XBRL platform, which may require system updates and staff training. The change aims to standardize data submission and improve accuracy. Non-compliance, including failure to submit nil returns, could attract regulatory scrutiny under FEMA provisions.
What you must do
- Ensure your bank's LRS data reporting team is trained on the XBRL system by July 1, 2021.
- Obtain user IDs for the XBRL portal from RBI as they are being issued separately.
- Upload monthly LRS data (applications count and total remitted amount) on XBRL by the 5th of the succeeding month.
- Submit nil returns if no LRS transactions occurred in a given month.
Who it affects
AD Category-I banks handling LRS transactions, Compliance and reporting teams at authorized dealer banks, RBI's foreign exchange monitoring division
What is the deadline for the first XBRL submission under this circular?
The first submission is for July 2021 data, due on or before August 5, 2021.
Do we need to submit data if there were no LRS remittances in a month?
Yes, banks must upload 'nil' figures on the XBRL system if no data is to be furnished.
Which legal provisions back this circular?
The circular is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.