RBI/2011-12/413
A.P. (DIR Series) Circular No. 84
February 29, 2012
To
All Authorised Dealers in Foreign Exchange
Madam / Sir,
Compilation of R-Returns: Reporting under FETERS
Attention of Authorised Dealer (Category I) banks is invited
to
A.P.(DIR Series) Circular No.77 dated March 13, 2004 giving
guidelines for compilation of R-Returns and reporting under the Foreign
Exchange Transactions – Electronic Reporting System (FETERS), and also the A.P.(DIR
Series) Circular No. 30 dated February 25, 2008 on the move from the system of
‘branch-wise’ reporting to ‘bank-wise’ reporting under the FETERS.
2. Several subsequent developments have necessitated further
modifications in FETERS. These include:
-
The Working Group on Balance of Payments (BoP) Manual for India
(Chairman: Shri Deepak Mohanty) constituted by the Reserve Bank reviewed,
inter alia, the existing methodology for compilation of India’s BoP with a
view to making it consistent with the guidelines contained in the Sixth
edition of Balance of Payments and International Investment Position Manual
(BPM6) of the International Monetary Fund (IMF). The Working Group made
several recommendations for improving the present compilation procedure as
well as presentation of India’s BoP statistics conforming to international
best practices.
-
With the transition to core banking system (CBS), move to complete
transaction reporting is warranted instead of relying on the unclassified
receipts survey (URS) for purpose-wise distribution of the consolidated
amount under non-export receipts below a threshold.
-
Directorate General of Systems (Customs and Central Excise), Govt.of
India now issues 6-digit port-code as per UNLOCODE scheme in place of
2-digit port-code earlier issued by RBI.
3. In view of the above, the following changes shall be effected in reporting
of R-Returns from the next financial year (
i.e., transactions taking
place from April 1, 2012):
-
The purpose codes for classification and reporting of foreign exchange
transactions in FETERS should be as per the revised classification.
Accordingly, all AD category-I banks are advised to report all foreign
exchange transactions as per the revised purpose code list with effect from
first fortnight of April 2012
as per the attached guidelines.
-
AD banks may indicate purpose codes for all foreign exchange transactions
(including receipts under non-export transactions below Rs. 5 lakhs) under
FETERS. The present system of reporting of non-export transactions below Rs.
5 lakhs (a) on a consolidated basis in BoP file and (b) submission of
purpose-wise distribution of a sample of such small receipt transactions (as
part of R-return in the URS file under FETERS), will be discontinued for
transactions beyond March 31, 2012.
-
The amount field in all FETERS files will be increased to 15-digit
format.
-
6-digit port code will be used uniformly for reporting under FETERS.
4. The revised Guidelines for Submission of Data under the FETERS are
attached herewith.
5. The directions contained in this circular have been issued
under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42
of 1999) and are without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully,
(Rashmi Fauzdar)
Chief General Manager