RBI Discontinues the Returns/Reports under the Foreign Exchange Management Act, 1999

The RBI on 13^th November 2020 has notified that the Returns/Reports under the Foreign Exchange Management Act, 1999 shall now be discontinued with immediate effect.

The Reserve Bank of India (RBI) had recently reviewed the current forms and the reports prescribed under the FEMA, 1999. With a view to enhance the ease of doing business, and to ease the burden and cost involved in the FEMA compliance, the Central Bank has now decided to discontinue 17 returns/reports under the FEMA.