This circular from the Reserve Bank of India (RBI/2023-24/95, A.P. DIR Series Circular No. 09, dated December 22, 2023) informs all Authorised Dealer Category I (AD Category I) banks about a change in the submission process for the statement on total remittances received every quarter under the Rupee Drawing Arrangement. Effective December 26, 2023, the submission of this statement, previously done through the XBRL site, will be shifted to the Centralized Information Management System (CIMS), the RBI's new data warehouse. AD Category I banks are already onboarded on the CIMS portal and are currently submitting the return on both the XBRL site and CIMS portal. The statement has been assigned return code R129 on the CIMS portal (URL: https://sankalan.rbi.org.in). Banks must upload the statement on CIMS from the quarter ending December 2023, including a NIL report if no data is to be furnished. This change will be reflected in the updated FED Master Direction No. 18/2015-16 dated January 1, 2016. The directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999. Puneet Pancholy, Chief General Manager, is the contact person.
Key Entities Referenced
Centralized Information Management System (CIMS): RBI's new data warehouse for submission of statements/returns by banks.
Reserve Bank of India: The central bank of India.
Authorised Dealer Category I Banks: A category of banks authorized to deal in foreign exchange as per RBI regulations.
Rupee Drawing Arrangement: An arrangement related to the remittance of Rupees.
A.P. DIR Series Circular No.71: RBI circular dated May 19, 2016, related to submission of statement E on total remittances.
FED Master Direction No. 18/2015-16: RBI Master Direction updated to reflect changes in reporting requirements.
Foreign Exchange Management Act (FEMA), 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
Puneet Pancholy: Chief General Manager at Reserve Bank of India.
भारतीय �रज़व� ब�क
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2023-24/95
A.P. (DIR Series) Circular No.09 December 22, 2023
To
All Authorised Dealer Category - I Banks
Madam / Sir,
Rupee Drawing Arrangement - Submission of statement/return on CIMS Portal
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P.
(DIR Series) Circular No.71 dated May 19, 2016, in terms of which AD Category – I banks
were required to submit statement E on total remittances received every quarter.
2. It has now been decided that with effect from December 26, 2023, submission of the
above-mentioned statement through the XBRL site will be discontinued and shifted to
the Centralized Information Management System (CIMS), which is Bank’s new data
warehouse. AD Category – I banks have already been onboarded on CIMS portal and
are currently submitting the return on XBRL site as well as CIMS portal. The statement
has been assigned return code - ‘R129’ on CIMS portal.
3. Accordingly, all AD Category – I banks shall upload the above-mentioned statement
on CIMS portal (URL: https://sankalan.rbi.org.in) from the quarter ending December
2023. In case no data is to be furnished, AD Category – I banks shall upload a ‘NIL’
report.
4. FED Master Direction No. 18/2015-16 dated January 1, 2016 is being updated to
reflect the changes.
5. The directions contained in this circular have been issued under sections 10(4) and
11(1) 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