Introduction: The Reserve Bank of India, through Circular No. 09 dated December 22, 2023, announces a significant shift in the reporting mechanism for Rupee Drawing Arrangement. The circular mandates a transition from the XBRL site to the Centralized Information Management System (CIMS), impacting all Authorised Dealer Category-I Banks.
Detailed Analysis:
1. Historical Context:The circular refers to A.P. (DIR Series) Circular No. 71, dated May 19, 2016, which mandated AD Category-I banks to submit statement E on total remittances received every quarter. This historical context sets the foundation for understanding the evolution in reporting requirements.
2. Shift to CIMS:The central focus of Circular No. 09 is the decision to discontinue the submission of the mentioned statement through the XBRL site. Instead, AD Category-I banks are directed to shift to the newly launched Centralized Information Management System (CIMS), the Reserve Bank’s modern data warehouse. The transition is effective from December 26, 2023.
3. Submission Details:AD Category-I banks, already onboarded on the CIMS portal, are instructed to upload the statement on the CIMS portal (URL: https://sankalan.rbi.org.in) starting from the quarter ending December 2023. The circular emphasizes the need for AD Category-I banks to upload a ‘NIL’ report if no data is to be furnished.
4. Regulatory Update:The article highlights that FED Master Direction No. 18/2015-16 dated January 1, 2016, is being updated to reflect the changes introduced in Circular No. 09. This underscores the importance of aligning the regulatory framework with evolving reporting methodologies.
5. Regulatory Authority:The circular’s directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999. It clarifies that these directions do not prejudice any permissions or approvals required under any other law.
Conclusion: The Reserve Bank of India’s Circular No. 09 signifies a proactive move towards enhancing the efficiency and accuracy of reporting mechanisms for Rupee Drawing Arrangement. The transition to CIMS reflects a commitment to leveraging advanced data management systems, streamlining processes for AD Category-I banks. The updated Master Direction ensures regulatory coherence in light of these transformative changes.
RESERVE BANK OF INDIA
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
