21 Returns Converted into Online Submission

· Non-Resident Guarantee for Fund and Non-Fund Based Facilities Discontinued/Merged

[A.P. (DIR Series) Circular No.26 (RBI/2021-2022/172) dated 18 February, 2022]

Sub: Regulations Review Authority (RRA 2.0) – Interim Recommendations – Discontinuation/Merger/Online Submission of Returns

Please refer to the press release dated February 18, 2022 issued on the captioned subject.

2. As part of the implementation of the interim recommendations of the RRA 2.0, it is proposed to discontinue/merge the returns listed in the Annex 1. Further, it is also proposed to convert, the paper based/ e-mail-based returns listed in the Annex 2, into online filing.

3. The exact date of discontinuation/merger and online filing of the returns, would be notified in due course.

Annex - 1 List of Returns to be Discontinued/ Merged
S. No.	Return Name	Return Description
1	Details of guarantee availed and invoked of from non- resident entities	Non-resident guarantee for fund based and non- fund based facilities (such as Letters of Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) entered into between two persons resident in India.

Annex - 2 List of Returns to be converted into Online submission
S. No.	Return Name	Return Description
1	FII Weekly	All AD banks advised to report inflow/ of outflow of foreign funds on account of investment by FIIs/FPIs in the Indian capital market in a format which consists of two parts: Part A: Inflow/outflow- Fund Position and Part B: Residual Maturity Pattern
2	MTSS	Statement showing details of remittances received through Money Transfer Service Scheme during the quarter ended, within 15 days from the close of the quarter to which it relates.
3	Statement on default in MTT	Statement on default in Merchanting Trade Transactions (MTT)
4	Details of remittances made by NRO account	Remittances made out of NRO accounts up to 1 million USD per calendar year - Facilities to NRIs/PIOs and foreign nationals - liberalisation
5	Overseas Principal-wise list of Sub Agents	Overseas principal-wise list of sub-agents of MTSS Indian Agents
6	Declaration confirming the veracity of the list placed on RBI website	Confirmation of veracity of the list of sub-agents
7	List of additional locations	List of additional locations of MTSS Agents
8	Statement of Foreign Currency Account/s maintained in India in their names with AD Category-I Banks out of export proceeds of Foreign Currency Notes/ encashed Travelers’ Cheques	Statement of Foreign Currency Account/s maintained in India in their names with AD Category-I Banks out of export proceeds of Foreign Currency Notes/ encashed Travelers’ Cheques
9	Statement of the amount of foreign currency written off during a financial year	Statement of the amount of foreign currency written off during a financial year
10	Form RMC-F	RMC- Restricted Money Changing
11	Statement of the collateral held by MTSS Indian Agents	Statement of the collateral held by MTSS Indian Agents
12	Details of Online Payment Gateway Service Providers (OPGSP) arrangements	Details of Online Payment Gateway Service Providers (OPGSP) arrangements
13	Extension of time in respect of clean credit for import of rough, cut and polished diamonds	Extension of time in respect of clean credit for import of rough, cut and polished diamonds
14	Advance remittances made for import of rough diamonds without a bank guarantee or standby letter of credit, where the amount of advance payment is equivalent to or exceeds USD 5,000,000/-	Advance remittances made for import of rough diamonds without a bank guarantee or standby letter of credit, where the amount of advance payment is equivalent to or exceeds USD 5,000,000/-
15	ESOP reporting	“Statement of shares repurchased by the issuing foreign company from Indian employees/ Directors under ESOP Schemes for the year ended March 31, …………. (Year)
		(to be submitted on the letterhead of the Indian Company / Office / Branch through their AD bank)”
16	FLM-8 (Sale and purchase of foreign currency)	Summary statement of purchases and sale of foreign currency notes during the month reported by FFMCs and AD-Category II.
17	LO/BO/PO	Consolidated list of all the Branch Office (BO)/ Liaison Office (LO) / Project Office (PO) opened and closed by them during a month
18	Reporting of Long term Advance	Reporting of Long term Advance of USD 100 million & more along with Progress Report to be submitted by Authorised Dealer Bank on utilization of Long term export Advances
19	Form ECB	Application and Reporting of loan agreement details
20	Form ECB 2	Reporting of actual ECB transactions through AD Category -1 banks
21	Form TC	Compilation of short-term credit extended for imports and payments thereof