RBI circulars December 2023 detailed explanation I Part-2 I Monthly RBI circular - December I Hindi
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Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions
AD Category-I banks were required to upload data in respect of number of applications received and the total amount remitted under Liberalised Remittance Scheme (LRS) on a monthly basis on XBRL site. In 2018 it was made mandatory for AD Category-I banks to upload daily transaction-wise information undertaken by them under LRS on XBRL site. It has now been decided that, with effect from December 26, 2023, the submission of both the returns through the XBRL site will be discontinued and shifted to the Centralised Information Management System (CIMS), which is the Bank’s new data warehouse.
CIMS Project implementation - Discontinuation of submission in legacy XBRL
As per circular dated dated April 03, 2012 and 30 dated September 15, 2014, AD Category-I banks were required to submit the following statements on XBRL site.
Statement on half yearly basis (end March/end September) showing the quantity and value of gold imported by the nominated banks/ agencies/ EOUs/ SEZs in Gem & Jewellery sector, mode of payment-wise.
Statement on monthly basis showing the quantity and value of gold imports by the nominated agencies (other than the nominated banks)/ EOUs/ SEZs in Gem & Jewellery sector during the month under report as well as the cumulative position as at the end of the said month beginning from the 1st month of the Financial Year.
Rupee Drawing Arrangement - Submission of statement/return on CIMS Portal
As per earlier circulars issued by RBI relating to Trade Credits for imports into India and submission of quarterly statement on issuance of guarantees therefor by AD banks on the eXtensible Business Reporting Language (XBRL) platform. With the launch of the Reserve Bank’s next generation data warehouse viz., the Centralised Information Management System (CIMS). It has been decided to shift the arrangement for reporting of quarterly data on issuance of guarantees for trade credits by AD banks, from XBRL platform to CIMS. The statement has been assigned return code- ‘R131’ on CIMS.
Trade Credit for imports into India - Submission of return on issuance of bank guarantees for Trade Credits on the Centralised Information Management System (CIMS)
With the launch of the Reserve Bank’s next generation data warehouse viz., the Centralised Information Management System (CIMS). It has been decided to shift the arrangement for reporting of quarterly data on issuance of guarantees for trade credits by AD banks, from XBRL platform to CIMS. The statement has been assigned return code- ‘R131’ on CIMS.