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RBI moves from ‘Online Return Filing System’ to ‘ XBRL system’ under Liberalised Remittance Scheme

June 17, 2021
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Banks were required to upload the data in respect of the number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme) on Online Return Filing System (ORFS). The RBI has decided to collect information through XBRL system instead of the ORFS. Accordingly, AD Category – I banks shall upload the requisite information on XBRL system on or before the fifth of the succeeding month from July 01, 2021 onwards.
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