Compilation of Bank-wide consolidated R-Return
CIR. NO. 30/2007-08-RB, DT. 25/02/2008
Compilation of Bank-wide consolidated R-Return
Attention of Authorised Dealer Category - I (AD Category I) banks is invited to
A. P. (DIR Series) Circular No.10 dated October 23, 2006, in terms of which in addition to the existing system of submission of branch-wise R-Return, AD Category-I were provided with an option to submit bank-wide R-Return. Accordingly, with effect from the first fortnight of November 2006, AD Category - I banks, having the facility for centralised processing of the data on foreign exchange transactions, could exercise the option of submitting bank-wide R-Return. Further, AD Category-I banks not exercising the option of submission of bank-wide R-Return were advised to initiate necessary steps and create requisite infrastructure for a smooth transition from branch-wise to bank-wide submission of R-Return since the existing system of submitting branch-wise R-Return would eventually be phased out and all AD Category - I banks would be required to switch over to the new system of submission of bank-wide R-Return.
2. It has now been decided to stipulate a time limit for transition from branch-wise to bank-wide submission of R-Return. Accordingly, all AD Category - I banks will be required to submit bank-wide R-Return from the first fortnight of January 2009.
3. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the FEMA 1999 (42 of 1999).
Yours faithfully,
(Salim Gangadharan)
Chief General Manager
RBI/2007- 2008/246