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