The Reserve Bank of India (RBI) on Friday said that the regulatory review authority has suggested the withdrawal of nearly 100 redundant circulars and scrapping of some paper-based returns. RBI has constituted the second Regulation Review Authority (RRA 2.0) with a view to reduce the compliance burden on the entities covered by the regulation. The same authority has given some suggestions to the Reserve Bank.
“The RRA, in its second part of its recommendations, has suggested the withdrawal of about 100 other circulars,” RBI said in a statement. Meanwhile, the central bank also issued several notifications related to withdrawal of circulars and deferment of returns and online submission. In its first recommendation submitted in November last, the authority had recommended the withdrawal of around 150 circulars to the Reserve Bank.
Along with this, based on the recommendations of one of its internal groups, the authority has suggested to do away with the paper-based return submission system. Apart from this, about 65 regulatory returns have also been suggested to be merged or closed with other returns or to convert them into online returns. “These suggestions are expected to ease regulatory compliance for the entities. It is also expected to improve the accuracy, speed and quality of information delivery,” RBI said.