RBI’s regulatory body seeks withdrawal of 100 circulars

The Reserve Bank of India’s Regulations Review Authority (RRA) has advised to withdraw additional 100 circulars to ease the compliance burden on entities under RBI regulatory ambit.

It had recommended the withdrawal of 150 circulars in the first tranche in November 2021.

The RRA has also recommended the creation of a separate web page “Regulatory Reporting” on the RBI website to consolidate information relating to regulatory reporting and return submission at a single source.

The RRA has advisedthe elimination of paper-based returns and has identified 65 regulatory returns which would either be discontinued/ merged with other returns or would be converted into online returns. This was based on suggestions of an internal group chaired by its executive director O P Mall.

These steps are expected to ease regulatory compliance for the regulated entities while improving the accuracy, speed, and quality of data submissions, RBI said in a statement.

Regulated entities would be notified of the discontinuation/ merger and online filing of returns, separately. The notification containing the list of specific instructions recommended for withdrawal is also being issued separately, RBI added.