Compilation of R-Returns: Reporting under FETERS This circular proposes the following changes, which have to be implemented not later than April 1, 2016: –
1. Web-based data submission by AD banks
With regards to reporting under the Foreign Exchange Transactions Electronic Reporting System (FETERS) the following changes will come into effect with respect to transactions that are to be reported from April1, 2016: –
a. The present email-based submission will be replaced by web-portal based data submission.
b. Nodal offices of banks will have to access the webportal https://bop.rbi.org.in with the RBI-provided login-name and password, to submit the required data.
c. Banks have to 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.
d. On uploading validated files, banks will get acknowledgment.
e. Banks can report addition of AD code and update AD category for incorporation in the AD-master database with RBI.
f. 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 [Realization of NPD export bills (full value of bill to be reported) – other than Nepal and Bhutan] have become defunct and are, therefore, discontinued.
2. Revision in Form A2
Transactions relating to the Liberalized Remittance Scheme (LRS) in FETERS and On-line Return Filing System (ORFS), must now be reported under their 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 revised purpose codes are as under: –
Revised Form A2 introducing a check-box for LRS transactions as well as clubbing the ‘Application cum Declaration for purchase of foreign exchange under the Liberalised Remittance Scheme of USD 250,000’ is Annexed to this circular.
3. Online submission of Form A2 by the remitter
Banks offering internet banking facilities to their customers must allow online submission of Form A2 and also enable uploading/submission of documents, if and as may be necessary, to establish the permissibility of the remittances. Remittances that do not require any documentation (e.g. certain transactions under the LRS) must be put through on the basis of 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.
