RBI vide notification dated November 13, 2020 has discontinued the requirement to file a set of returns/reports prescribed under FEMA, 1999, with a view to improve the ease of doing business and reduce the cost of compliance. It has been decided to discontinue the requirement to file 17 returns/reports as listed in the notification. The hardcopy filing of form DRR that has been discontinued. The domestic custodian may continue to report the form DRR on FIRMS application in terms of Regulation 4 (5) of FEM (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.
