RBI/2006-07/159
A. P. (DIR Series) Circular No. 10
October 23, 2006
To,
All Category I Authorised Dealer Banks
Madam / Sir,
Guidelines for Compilation of R-Returns
Bank-wide consolidated R-Return
Attention of Authorised Dealer Category I (AD
Category I) banks is invited to A. P. (DIR Series) Circular No.77 dated March
13, 2004 in terms of which they are required to submit separate branch-wise
hard copy of the cover page of R-Return (NOSTRO) and R-Return (VOSTRO) together
with a soft copy (floppy) of the details of foreign exchange transactions undertaken
by them, using the latest version of FETERS [Version 6.2 (R)], to the office
of the Reserve Bank under whose jurisdiction the concerned office / branch of
the AD Category I bank is situated.
2. With a view to providing greater flexibility
to the AD Category I banks, it has been decided to provide an option
to the AD Category I banks to submit R-Return for the bank as a whole as a single
return. Accordingly, with effect from the first fortnight of November 2006,
AD Category I banks, having the facility for centralised processing of the data
on foreign exchange transactions, may either submit bank-wide R-Return or continue
with the existing system of submission of branch-wise R-Return. The features
of the bank-wide R-Return are annexed.
3. It may be noted that the option of submitting
branch-wise R-Return under the existing system will eventually be phased out
and all AD Category I banks will be required to switch over to the new system.
Therefore, banks which are not exercising the option of submission of bank-wide
R-Return immediately, may, however, initiate necessary steps and create requisite
infrastructure for a smooth transition from branch-wise submission to the system
of bank-wide R-Return.
4. It is emphasised that AD Category I banks
are required to ensure that the returns and statements submitted to Reserve
Bank reflect accurately and completely all the relevant foreign exchange transactions
undertaken by them during the reporting period. Failure on the part of the AD
Category I banks to furnish these returns accurately and in a timely manner
will be viewed seriously by the Reserve Bank and may attract appropriate action
in terms of section 10 and 11 of the Foreign Exchange Management Act (FEMA),
1999.
5. The directions contained in this circular
have been issued under Sections 10(4) and 11(1) of the FEMA 1999 (42 of 1999.
Yours faithfully,
(M. Sebastian)
Chief General Manager
Annex
[A. P. (DIR Series) Circular No. 10 dated October
23, 2006]
Features of the optional system for submission
of bank-wide R-Return
(a) Under the optional procedure, the AD Category
I banks may obtain an 'in principle' approval from Reserve Bank of India, Foreign
Exchange Department, Central Office, Trade Division, Amar Bhawan, Mumbai 400
001 for submission of bank-wide R-Return.
(b) The AD Category I bank opting for the new
system has to ensure that all its branches are covered under the bank-wide R-Return
reporting system.
(c) Under the bank-wide R-Return reporting system,
hard copy of the cover page of R-Return (NOSTRO) and R-Return (VOSTRO) will
be submitted by the nodal branch of the bank to the office of Reserve
Bank under whose jurisdiction the concerned office / branch of the AD Category
I bank is situated.
(d) The nodal branch of the bank will be responsible
for the accuracy, completeness and timely submission of FET-ERS data in respect
of all its branches. The AD Category I bank may directly approach the Director,
DESACS, at the undernoted address for the soft copy format and submit
the soft copy of the bank-wide R-Return to
The Director,
Balance of Payments Statistics Division
(BPSD),
Department of Statistical Analysis and
Computer Services (DESACS),
Reserve Bank of India,
C-9, 8th Floor,
Bandra-Kurla Complex,
Bandra (East),
Mumbai - 400 050
(e) The authorised signatory of the hard
copy of the cover page will also be responsible for ensuring that the soft copy
data is consistent with the data provided in the hard copy of the cover page.
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