**Summary:**
This circular, issued by the Reserve Bank of India (RBI) on March 5, 2024, announces a change in the reporting mechanism for Authorised Persons (Indian Agents) under the Money Transfer Service Scheme (MTSS). Effective from the quarter ending March 2024, the quarterly statement on remittances received through MTSS, previously submitted via the XBRL platform, will now be submitted through the RBI's Centralised Information Management System (CIMS) portal (URL: https://sankalan.rbi.org.in). The statement has been assigned return code R130 on CIMS. Authorised Persons are required to submit a NIL report if no remittances were received during a quarter. This directive is issued under sections 10(4), 11(1), and 11(2) of the Foreign Exchange Management Act (FEMA), 1999. The Master Direction on Reporting under FEMA, 1999 is being updated to reflect these changes. The circular is issued by Puneet Pancholy, Chief General Manager, Reserve Bank of India. This replaces the previous reporting requirement outlined in A.P. DIR Series Circular No.70 dated May 19, 2016, which mandated submission within 15 days from the close of the quarter.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking system and managing the country's currency.
Money Transfer Service Scheme: A scheme by Reserve Bank of India facilitating cross-border money transfers through authorized agents.
Authorised Persons: Entities authorized by the Reserve Bank of India to act as Indian Agents under the Money Transfer Service Scheme.
Centralised Information Management System: The Reserve Bank of India's next generation data warehouse for data reporting.
Foreign Exchange Management Act, 1999: An Act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
eXtensible Business Reporting Language: A standards-based way to communicate and exchange business information electronically.
Puneet Pancholy: Chief General Manager at Reserve Bank of India.
A.P. DIR Series Circular No.70 dated May 19, 2016: A circular issued by the Reserve Bank of India related to the Money Transfer Service Scheme.
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2023-24/130
A.P. (DIR Series) Circular No.15 March 05, 2024
To
All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme
Madam / Sir,
Money Transfer Service Scheme - Submission of Statement on CIMS
Please refer to the A.P. (DIR Series) Circular No.70 dated May 19, 2016, wherein all
Authorised Persons who are Indian Agents under the Money Transfer Service Scheme
(MTSS) were required to submit a quarterly statement (within 15 days from the close of
the quarter to which it relates) on the quantum of remittances received through MTSS
using the eXtensible Business Reporting Language (XBRL) platform.
2. With the launch of the Reserve Bank’s next generation data warehouse viz., the
Centralised Information Management System (CIMS), it has been decided that the
reporting of the aforesaid statement will be done on CIMS portal
(URL: https://sankalan.rbi.org.in/) with effect from the quarter-ending March 2024. The
statement has been assigned return code - ‘R130’ on CIMS. In case no remittance was
received during a quarter, a ‘NIL’ report shall be submitted.
3. The Master Direction on ‘Reporting under Foreign Exchange Management Act, 1999’
is being updated to reflect the changes.
4. The directions contained in this circular have been issued under section 10(4), 11(1),
and 11(2) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are
without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Puneet Pancholy)
Chief General Manager