Introduction: The Reserve Bank of India (RBI) has issued a crucial circular, A.P. (DIR Series) Circular No.12, dated December 22, 2023, addressing All Category-I Authorised Dealer Banks. This communication pertains to the implementation of the Centralised Information Management System (CIMS) and the consequential discontinuation of the submission of gold import data through the legacy XBRL system.
Detailed Analysis:
1. Background and Previous Circulars: The circular refers to A.P. (DIR Series) Circular No. 103 dated April 03, 2012, and A.P. (DIR Series) Circular No. 30 dated September 15, 2014. These circulars mandated AD Category-I banks to submit specific statements on the XBRL site related to gold imports.
2. Discontinuation of XBRL for CIMS: RBI has decided to discontinue the submission of the mentioned statements through the XBRL system. Instead, banks are now required to utilize the Centralised Information Management System (CIMS), the new data warehouse for data collection. This transition is set to take effect from December 26, 2023.
3. Parallel Submission Period: AD Category-I banks have been undertaking parallel submission of the required statements on both the XBRL site and the CIMS portal. The statements are titled ‘Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(M)’ and ‘Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(HY)’ with assigned return codes ‘R132’ and ‘R133’ respectively on the CIMS portal.
4. New Submission Process: From December 26, 2023, AD Category-I banks are instructed to upload the two statements mentioned in the circular on the CIMS portal (URL: https://sankalan.rbi.org.in). In case no data is available, banks are required to upload a ‘NIL’ report.
5. Legal Basis: The circular emphasizes that the directives are issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Importantly, these directives do not prejudice any permissions or approvals required under any other law.
Conclusion: In conclusion, the RBI’s move to discontinue the submission of gold import data through XBRL in favor of the CIMS marks a significant shift in data collection methodology for AD Category-I banks. The circular provides clear instructions for the transition, ensuring a seamless process from December 26, 2023, onward. It is imperative for banks to adhere to these changes and adapt to the new submission process outlined in the circular issued by Puneet Pancholy, Chief General Manager at RBI.
Reserve Bank Of India
RBI/2023-24/94
A.P. (DIR Series) Circular No.12 Dated: December 22, 2023
To
All Category-I Authorised Dealer Banks
Madam / Sir,
CIMS Project implementation – Discontinuation of submission in legacy XBRL
Attention of Authorised Dealer Category-I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 103 dated April 03, 2012 and of A.P. (DIR Series) Circular No. 30 dated September 15, 2014 in terms of which, AD Category-I banks were required to submit the following statements on XBRL site –
(i) Statement on half yearly basis (end March/end September) showing the quantity and value of gold imported by the nominated banks/ agencies/ EOUs/ SEZs in Gem & Jewellery sector, mode of payment-wise,
(ii) Statement on monthly basis showing the quantity and value of gold imports by the nominated agencies (other than the nominated banks)/ EOUs/ SEZs in Gem & Jewellery sector during the month under report as well as the cumulative position as at the end of the said month beginning from the 1st month of the Financial Year.
2. It has now been decided to discontinue submission of the return through the XBRL system and shift to Centralised Information Management System (CIMS), Bank’s new data warehouse for data collection, with effect from December 26, 2023. AD Category-I banks have already been onboarded on CIMS portal and are currently undertaking parallel submission of the return on both XBRL site as well as CIMS portal. The returns have been named ‘Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(M)’, ‘‘Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(HY)’ and has been assigned return codes- ‘R132’ & ‘R133’ respectively on CIMS portal.
3. Accordingly, AD Category-I banks shall upload the two statements as mentioned at para 1 (i) and (ii) on CIMS portal (URL: https://sankalan.rbi.org.in) with effect from December 26, 2023. In case no data is to be furnished, AD Category-I banks shall upload a ‘NIL’ report.
4. The directions contained in this circular have been issued under Section 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,
(Puneet Pancholy)
Chief General Manager
