Guidelines for Submission of Data under
R-Returns (FETERS) Modified
· Liberalised Remittance Scheme in FETERS
[RBI Circular No. 50 dated 11th
February 2016]
Sub: Compilation of R-Returns:
Reporting under FETERS.
Attention of Authorised Dealer (Category I) banks
is invited to A.P.(DIR Series) Circular No.84 dated February 29,
2012 giving guidelines for compilation of R-Returns for reporting under
the Foreign Exchange Transactions Electronic Reporting System (FETERS), A.P.(DIR
Series) Circular No.101 dated February 4, 2014on Export of Goods and Services:
Export Data Processing and Monitoring System (EDPMS) for facilitating banks to
submit export-related information through EDPMS platform and A.P.(DIR Series)
Circular No.15 dated July 28, 2014 which discontinued separate reporting
of information in ENC (Export Bills Negotiated / sent for collection) for
acknowledgement of receipt of export documents and Sch.3 to 6 (realization of
export proceeds) under FETERS.
Web based data submission by AD banks
2. In order to enhance the security-level in data submission and
further improve data quality, the following modifications shall be effected in
the guidelines for submission of data under the FETERS from 1st fortnight of
April 2016 (i.e., reporting of those transactions which take place from April
1, 2016):
i. The present email-based submission will
be replaced by web-portal based data submission. However, there are no changes
in periodicity, file-layout, delimiter, consistency checks, and
inter-relationship among BOP6.TXT and QE.TXT files as well as their naming
convention.
ii. Nodal offices of banks have to access
the web-portal https://bop.rbi.org.in with the RBI-provided login-name and password, to
submit data (Contact and other details are given in the above-mentioned
Circular dated February 29, 2012).
iii. Banks may download RBI-provided
validator template from this portal on their computer and perform off-line
check of their FETERS data-file for error, if any, before its submission on the
portal. Both Java-based and Excel-based validators are provided: Use of
Java-based validator is advised for larger files. This portal also gives
relevant master files (e.g., country, currency, AD code, purpose code masters).
iv. On uploading validated files, banks
will get acknowledgment. They can view the data-files submitted by them during
the previous two fortnights, with download facility. They can also revise the
purpose codes for transaction submitted earlier, if required, which will be
authenticated by RBI in the system.
v. Banks may report (a) addition of AD
code for their bank and (b) update AD category, which will be incorporated in
the AD-master database by RBI after due authentication.
vi. With the discontinuation of ENC.TXT and
SCH3to6.TXT files in FETERS, the purpose codes P0105 [Export bills (in respect
of goods) sent on collection – other than Nepal and Bhutan] and P0107
[Realisation of NPD export bills (full value of bill to be reported) – other
than Nepal and Bhutan] have become defunct and are, therefore, discontinued.
Revision in Form A2
3. Further, in-order to streamline the reporting of the transactions
relating to the Liberalised Remittance Scheme (LRS) in FETERS and On-line
Return Filing System (ORFS), it has been decided that transactions relating to
LRS may be reported under respective FETERS purpose codes (e.g. travel, medical
treatment, purchase of immovable property, studies abroad, maintenance of close
relatives; etc.) instead of reporting collectively under the purpose code
S0023. This would help AD banks in classification of transactions for similar
activity under single purpose code. Therefore, the purpose code S0023 would be
revised as follows to enable reporting of ‘Opening of foreign currency account
abroad with a bank’:
|
Purpose Code |
Description as per the A.P.(DIR
Series) Circular No.84 dated February 29, 2012 and in Form A2 |
Revised Description |
|
S0023 |
Remittances made under Liberalised
Remittance Scheme (LRS) for Individuals |
Opening of foreign currency account
abroad with a bank |
i. For
facilitating the existing monthly reporting of LRS transactions under ORFS, AD
banks may use the following purpose codes only:
|
Sr. No. |
Items under LRS |
Corresponding FETERS purpose codes,
if transaction is identified under LRS |
|
1 |
Opening of foreign currency account
abroad with a bank under LRS |
S0023 |
|
2 |
Purchase of immovable property |
S0005 |
|
3 |
Investment in equity, debt, JV, WoS, ESOPs, IDRs |
S0001, S0002, S0003, S0004, S0021,
S0022 |
|
4 |
Gift |
S1302 |
|
5 |
Donations |
S1303 |
|
6 |
Travel (business, pilgrimage, medical
treatment, education, employment, personal) |
S0301, S0303, S0304, S0305 &
S0306 |
|
7 |
Maintenance of close relatives |
S1301 |
|
8 |
Medical Treatment |
S1108 |
|
9 |
Studies abroad |
S1107 |
|
10 |
Emigration |
S1307 |
|
11 |
‘Others’ such as loan to NRI close
relatives and health insurance |
S0011, S0603 |
ii. AD banks should also ensure that the data pertaining to LRS
transactions reported by them in FETERS tallies with that reported by them in
ORFS.
iii. The Form A2 is also being revised (as per Annex)
by introducing a check-box for LRS transactions in the relevant block as
follows:
|
Sr. No. |
Whether under LRS (Yes/No) |
Purpose Code |
Description |
|
|
|
|
|
|
|
|
As per the Annex |
|
iv. Further, the ‘Application cum
Declaration for purchase of foreign exchange under the Liberalised Remittance
Scheme of USD 250,000’ has been clubbed with Form A2 inorder
to reduce multiplicity of forms to be filled in by the customers.
Online submission of Form A2 by the
remitter
4. With a view to facilitating miscellaneous remittances and reducing
paperwork associated with payment transactions, it has been decided that Authorised
Dealer banks, offering internet banking facilities to their customers may allow
online submission of Form A2. Besides, they may also enable
uploading/submission of documents, if and as may be necessary, to establish the
permissibility of the remittances under the extant rules or regulations framed
under the Foreign Exchange Management Act, 1999 (FEMA). Remittances that do not
require any documentation (e.g. certain transactions under the LRS) may be put
through on the basis of the Form A2 alone. To start with, remittances on the
basis of online submission alone will be available for transactions with an
upper limit of USD 25,000 (or its equivalent) for individuals and USD 100,000
(or its equivalent) for corporates. It may be noted that the remittance will be
subject to satisfaction of the Authorised Dealer banks as laid down in Section
10 (5) of FEMA. Accordingly, Authorised Dealer banks are advised to frame
appropriate guidelines for customer interface personnel to ensure ease of
transactions for the customers within the ambit of the statutory/regulatory
provisions. It may be further noted that reporting of transactions in FETERS
shall continue, as hitherto, by the Authorised Dealer banks.
5. Appropriate changes in technology and/or operating procedure may be
carried out by Authorised dealer banks immediately and compliance in this
regard furnished to RBI.
6. The changes introduced through this circular may be implemented
with immediate effect and in any case not later than April 1, 2016.
7. Authorised Dealer banks may bring the contents of this circular to
the notice of their constituents.
8. The directions contained in this circular have been issued under
Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999) and are without prejudice to permissions / approvals, if any, required
under any other law.