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January 2014

A. P. (DIR Series) Circular No. 75 dated November 19, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Trade Credit for imports into India-Online submission of data on issuance of Guarantee/Letter of Undertaking (LoU) /Letter of Comfort (LoC) by ADs

This circular states that for the quarter ended September 30, 2013 reporting of data by banks to RBI on issuance of guarantees/LOU/LOC has to be done by way of a consolidated statement, at quarterly intervals using the eXtensible Business Reporting Language (XBRL) platform and not by way of manual submission (followed MS-Excel file through email). For this purpose banks may login to the site https:// secweb.rbi.org.in/orfsxbrl/ using their User name, Password and Bank code.

Banks who have already submitted the manual statement (and MS-Excel file) for the quarter ended 30th September, 2013 are also required to report the same data online using the XBRL platform. From the quarter ending 31st December, 2013 onwards, the data must be submitted in soft form on XBRL platform only by 10th of the following month.

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