RRA recommends withdrawal of 100 more circulars - RBI
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The Reserve Bank of India on Friday said the Regulations Review Authority has recommended withdrawing about 100 more redundant circulars, besides elimination of certain paper based returns, a move expected to ease compliance for regulated entities.
The Reserve Bank of India has set up the Regulations Review Authority (RRA 2.0) with an objective to reduce the compliance burden on regulated entities (REs).
Meanwhile, the central bank also issued several notifications withdrawing the circulars, and discontinuation/merger/online submissions of returns.
The RRA had recommended withdrawal of 150 circulars in the first tranche of recommendations in November last year.
“In continuation of the exercise, RRA has now recommended withdrawal of additional 100 circulars in the second tranche of recommendations,” the RBI said in a statement.
Further, on the suggestions of an internal group (chairman — O P Mall, executive director) the RRA has recommended 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.
The RRA has also recommended creation of a separate web page ‘Regulatory Reporting’ in the RBI website to consolidate information relating to regulatory reporting and return submission by the regulated entities at a single source.
“These recommendations are expected to ease regulatory compliance for the regulated entities while improving the accuracy, speed and quality of data submission,” the central bank said.
The RBI said 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.
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.
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