Reserve Bank withdraws over 100 redundant circulars

Reserve Bank withdraws over 100 redundant circulars

The Reserve Bank on Tuesday withdrew more than 100 redundant circulars following recommendations made by the Regulations Review Authority. The redundant circulars withdrawn relate to certain norms concerning Foreign Investment in India by Foreign Portfolio Investors, RTGS, Know Your Customer (KYC), and Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards.

The Regulations Review Authority (RRA 2.0) was set up by the Reserve Bank of India (RBI) in April this year.

The objective of the RRA 2.0 is to review the regulatory instructions, remove redundant and duplicate instructions, reduce the compliance burden on regulated entities by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns.