Submission of Consolidated A1/A2 Forms

A.P. (DIR Series) (2003-2004) Circular No. 23, Dated 24-9-2003,
Issued by Exchange Control Department, RBI

As per the extant instructions, residents while making remittances exceeding USD 500 towards imports are required to apply in Form A1 and for other remittances in Form A2.

2. With a view to streamlining the procedure and reducing paperwork associated with payment transactions, it has been decided that software exporters and other entities required to make recurring remittances may be permitted to file consolidated A1/A2 forms giving complete details of the transactions for which the remittances are being made. These consolidated A1/A2 forms may be accepted by Authorised Dealers on a fortnightly basis from their constituents and the periodicity would be co-terminus with the periodicity of the R-Returns. Authorised Dealers may accordingly permit their constituents to exercise the option of filing these consolidated A1/A2 forms in a file format transmitted electronically online or in a floppy.

3. Authorised Dealers should however ensure that by making available this facility to their constituents, submission of FET ERS is not affected in any way.

4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.

5. The directions contained in this circular have been issued under section 10(4) and section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).