Purpose Code for Receipts at Payments in Forex
Reporting under FETERS
[RBI
Circular No. 84 dated 29th February 2012]
Sub: Compilation
of R-Returns: Reporting under FETERS
Attention of Authorised Dealer (Category I) banks is
invited to A.P.(DIR Series) Circular No.77 dated March
13, 2004 giving guidelines for compilation of R-Returns and reporting under the
Foreign Exchange Transactions – Electronic Reporting System (FETERS), and
also the A.P.(DIR Series) Circular No. 30 dated February 25, 2008 on the move
from the system of ‘branch-wise’ reporting to ‘bank-wise’ reporting under the
FETERS.
2. Several
subsequent developments have necessitated further modifications in FETERS.
These include:
a) The Working
Group on Balance of Payments (BoP) Manual for India
(Chairman: Shri Deepak Mohanty)
constituted by the Reserve Bank reviewed, inter alia, the existing
methodology for compilation of India’s BoP with a
view to making it consistent with the guidelines contained in the Sixth edition
of Balance of Payments and International Investment Position Manual (BPM6) of
the International Monetary Fund (IMF). The Working Group made several
recommendations for improving the present compilation procedure as well as
presentation of India’s BoP statistics conforming to
international best practices.
b) With the
transition to core banking system (CBS), move to complete transaction reporting
is warranted instead of relying on the unclassified receipts survey (URS) for
purpose-wise distribution of the consolidated amount under non-export receipts
below a threshold.
c) Directorate General of Systems (Customs and
Central Excise), Govt. of India now issues 6-digit port-code as per UNLOCODE
scheme in place of 2-digit port-code earlier issued by RBI.
3. In view of the
above, the following changes shall be effected in reporting of R-Returns from
the next financial year (i.e., transactions taking place from April 1,
2012):
i) The purpose
codes for classification and reporting of foreign exchange transactions in
FETERS should be as per the revised classification. Accordingly, all AD
category-I banks are advised to report all foreign exchange transactions as per
the revised purpose code list with effect from first fortnight of April 2012 as
per the attached guidelines.
ii) AD banks may
indicate purpose codes for all foreign exchange transactions (including
receipts under non-export transactions below Rs. 5
lakhs) under FETERS. The present system of reporting of non-export transactions
below Rs. 5 lakhs (a) on a consolidated basis in BoP file and (b) submission of purpose-wise distribution of
a sample of such small receipt transactions (as part of R-return in the URS
file under FETERS), will be discontinued for transactions beyond March 31,
2012.
iii) The amount
field in all FETERS files will be increased to 15-digit format.
iv) 6-digit
port code will be used uniformly for reporting under FETERS.
4. The revised
Guidelines for Submission of Data under the FETERS are attached herewith.
5. 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.