Web based data
submission by AD banks
The following modifications shall be
effected in the guidelines for submission of data under the FETERS from 1st
fortnight of April 2016:
i)
The
present email-based submission will be replaced by web-portal based data
submission.
ii) Nodal offices of
banks have to access the web-portal https://bop.rbi.org.in
with the RBI-provided login-name and password.
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.
iv)
On
uploading validated files, banks will get acknowledgment. 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
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. The purpose code S0023 would be revised as follows to
enable reporting of ‘Opening of foreign currency account abroad with a bank’:
Purpose Code
|
Current Description
|
Revised Description
|
S0023
|
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 FETTERS purpose
codes if under LRS
|
1
|
Opening of Foreign currency account
abroad
|
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 by introducing a check-box for LRS transactions in
the relevant block.
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
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 wherever required, to establish the
permissibility of the remittances. 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. Authorised Dealer banks are advised to frame appropriate
guidelines for customer interface. It may be further noted that reporting of
transactions in FETERS shall continue, as hitherto, by the Authorised Dealer
banks.
Based on RBI
Circular dt 11/02/16. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
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