RBI/2015-16/401
A.P. (DIR Series) Circular No.70
Dated: May 19, 2016
To
All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme
Money Transfer Service Scheme – Submission of statement/returns under XBRL
Madam / Sir,
Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to the A.P. (DIR Series) Circular No. 89 dated March 12, 2013 in terms of which all Authorised Persons, who are Indian Agents under Money Transfer Service Scheme were required to submit quarterly statement of the quantum of remittances received in the prescribed format.
2. All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) are now advised to report the above mentioned statement in eXtensible Business Reporting Language (XBRL) system from the quarter ending June 2016.
3. The reporting platform may be accessed at https://secweb.rbi.org.in/orfsxbrl/. For User name and password, Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) are advised to submit the duly filled in form (Annex I) through email on or before May 30, 2016.
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 section 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,
(Shekhar Bhatnagar)
Chief General Manager-in- Charge
