16.6
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
R Returns
(i)Authorised dealers should report all transactions made by them through their Nostro Accounts abroad and Vostro Accounts maintained with them in appropriate R Return, i.e. R Return (NOSTRO) and R Return (VOSTRO) respectively, as laid down in the Guide to authorised dealers for compilation of R Returns (see Annexure at the end of the Chapter) twice a month, at the close of business on 15th and the last day of calendar month so as to reach Reserve Bank within seven calendar days from the close of reporting period to which they relate. If the 15th or the last day of the month is a holiday, the return should be submitted as at the close of business on the preceding working day.
(ii)Each office/branch of an authorised dealer in category A and B ( C category branches are not required to submit R Return) submitting R Returns to Reserve Bank should ensure that they use correct format of R Return as applicable to transactions and write in bold letters the currency name and currency code (SWIFT Code) on the relative R Return. Incomplete R Returns (i.e. where the required information, data, certification etc. are not furnished and/or any of the required enclosures are not properly completed and submitted), will be regarded as non-submission of the Return and will attract penal provisions of Section 73A of FERA 1973.