RBI/2007- 2008/246 A. P. (DIR Series) Circular No. 30 February
25, 2008 To, All
Category - I Authorised Dealer Banks Madam / Sir,
Compilation of Bank-wide consolidated R-Return Attention
of Authorised Dealer Category - I (AD Category I) banks is invited to A. P. (DIR
Series) Circular
No.10 dated October 23, 2006, in terms of which in addition to the existing
system of submission of branch-wise R-Return, AD Category – I were provided with
an option to submit bank-wide R-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, could exercise the option
of submitting bank-wide R-Return. Further, AD Category – I banks not exercising
the option of submission of bank-wide R-Return were advised to initiate necessary
steps and create requisite infrastructure for a smooth transition from branch-wise
to bank-wide submission of R-Return since the existing system of submitting branch-wise
R-Return would eventually be phased out and all AD Category - I banks would be
required to switch over to the new system of submission of bank-wide R-Return.
2. It has now been decided to stipulate a time limit for
transition from branch-wise to bank-wide submission of R-Return. Accordingly,
all AD Category - I banks will be required to submit bank-wide R-Return from the
first fortnight of January 2009. 3. 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, (Salim
Gangadharan) Chief General Manager |
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