Date: 2023-12-22Category: Not ApplicableState: Union GovernmentCountry: India
Trade Credit for imports into India – Submission of return on issuance of bank guarantees for Trade Credits on the Centralised Information Management System (CIMS)
**Policy Summary: RBI20232496 A.P. DIR Series Circular No. 10**
**Subject:** Reporting of Bank Guarantees for Trade Credits on the Centralised Information Management System (CIMS)
**Issuing Authority:** Reserve Bank of India (RBI)
**Date of Issuance:** December 22, 2023
**Addressees:** All Category I Authorised Dealer (AD) Banks
**Purpose:** This circular announces the transition of the quarterly reporting of data on the issuance of guarantees for trade credits by AD Category I banks from the eXtensible Business Reporting Language (XBRL) platform to the Reserve Bank's Centralised Information Management System (CIMS).
**Key Changes:**
* The reporting of quarterly data on the issuance of guarantees for trade credits by AD banks will now be exclusively through the CIMS portal (URL: https:sankalan.rbi.org.in). The return code assigned on CIMS is R131.
* Submission of the return through the XBRL site will be discontinued with effect from December 26, 2023.
* The Master Direction External Commercial Borrowing, Trade Credit and Structured Obligation dated March 26, 2019, will be updated to reflect these changes.
**Legal Basis:** The directions contained in this circular are issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999).
**Contact:** Dr. Aditya Gaiha, Chief General Manager in Charge.
Key Entities Referenced
Reserve Bank: The central bank of India, responsible for regulating the banking system.
India: The country to which the trade credit and import regulations apply.
A.P. DIR Series Circular No. 75 November 19, 2013: An earlier circular issued by the Reserve Bank of India regarding trade credits for imports into India.
A.P. DIR Series Circular No. 20 dated March 13, 2018: An earlier circular issued by the Reserve Bank of India regarding trade credits for imports into India.
Centralised Information Management System CIMS: The Reserve Bank's next-generation data warehouse for managing information.
eXtensible Business Reporting Language XBRL: A platform previously used for reporting quarterly data on issuance of guarantees for trade credits.
Master Direction External Commercial Borrowing, Trade Credit and structured Obligation dated March 26, 2019: A comprehensive document outlining regulations related to external commercial borrowing, trade credit, and structured obligations.
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.
RBI/2023-24/96
A.P. (DIR Series) Circular No. 10 December 22, 2023
To
All Category - I Authorised Dealer Banks
Madam/Sir
Trade Credit for imports into India – Submission of return on issuance of bank
guarantees for Trade Credits on the Centralised Information Management
System (CIMS)
Attention of Authorised Dealer Category – I banks is invited to A.P. (DIR Series)
Circular No. 75 November 19, 2013 read with A.P. (DIR Series) Circular No. 20 dated
March 13, 2018 relating to Trade Credits for imports into India and submission of
quarterly statement on issuance of guarantees therefor by AD banks on 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 to shift
the arrangement for reporting of quarterly data on issuance of guarantees for trade
credits by AD banks, from XBRL platform to CIMS. The statement has been assigned
return code- ‘R131’ on CIMS.
3. AD Category I banks have already been onboarded on the CIMS platform and
are currently submitting the aforesaid return on XBRL site as well as the CIMS portal.
Henceforth, AD Category- I banks shall furnish the return only on the CIMS portal
(URL: https://sankalan.rbi.org.in/) as submission of the return through the XBRL site
will be discontinued with effect from December 26, 2023.
4. The Master Direction - External Commercial Borrowing, Trade Credit and
structured Obligation dated March 26, 2019 (as amended from time to time) shall
accordingly be updated to reflect the above changes. AD banks may bring the contents
of this circular to the notice of their constituents.
5. The directions contained in this circular have been issued under Section 10(4)
and 11(2) 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,
(Dr Aditya Gaiha)
Chief General Manager -in- Charge