Liberalised Remittance Scheme
Liberalised Remittance Scheme (LRS) Reporting
Currently, transactions under Liberalised Remittance Scheme (LRS) are being permitted by AD banks based on the declaration made by the remitter. The monitoring of adherence to the limit is confined to obtaining such a declaration without independent verification, in the absence of a reliable source of information.
In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided to put in place a daily reporting system by AD banks of transactions undertaken by individuals under LRS, which will be accessible to all the other ADs.
RBI LRS Reporting
Kyzer uses its regulation technology to make it easier and cost effective for banks to comply with regulatory reporting to Reserve Bank of India, Directorate of Revenue Intelligence, Financial Intelligence Unit of India and other compliance obligations.
Through TFRS, our regulation platform, banks report millions of transactions a day to comply with these regulations as well as use this data to gain visibility into their organizations and make informed business decisions.
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Automate all of your regulatory reportings to government bodies in one Regulatory Suite platform.
The Bank implemented Kyzer Trade Finance Regulatory Management Solution for Reporting to RBI and FIU-India. We benefitted a lot from the Kyzer’s banking domain expertise. We acknowledge their efforts throughout the project implementation and the excellent support provided.
The Bank implemented Kyzer TradeZone Solution across all its branches Pan India. Complete Trade Finance Processing, Document Management, Compliance, Integrations and Customer Real Time Communications. The bank is successfully processing thousands of Trade Transactions via the Centralized trade operations with online trade finance processing at a central hub.
LRS Solution Features
Why Banks Choose Kyzer Us
Compilation & Reconciliation
Automated compliance, reconciliation & reporting for Trade Transactions across all platforms
Regulatory Reports Business Intelligence
Customization to Automated Reports, Kyzer also provides Business Intelligence for improving Customer eXperience / TAT
RBI Portal Master Management
Masters management within the solution offers validations to ensure optimum accuracy of reporting.
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