The Reserve Bank of India vide circular dated May 02, 2022 has published the third tranche of interim recommendations of Regulations Review Authority (RRA 2.0). RRA 2.0 was set-up by the Reserve Bank of India to review the regulatory instructions, remove redundant and duplicate instructions and reduce the compliance burden on Regulated Entities (REs). RRA had recommended withdrawal of an additional 239 circulars in the third tranche. With this, the total number of circulars which stand withdrawn would be 714.
RRA also suggested removal of 150 circulars in the first tranche of recommendations vide press release dated November 16, 2021 and 100 circulars in the second tranche of recommendations vide press release dated February 18, 2022. Additionally, in the second tranche, RRA had also recommended discontinuation/ merger/ conversion to online submission of 65 returns along with creation of a new ‘Regulatory Reporting’ link in the RBI website to consolidate information relating to regulatory reporting.
