In terms of A.P.(DIR Series) Circular No.77 dated March 13, 2004 and A.P. (DIR Series) Circular No. 30 dated February 25, 2008, the Reserve Bank of India had issued  guidelines to all AD Category-I banks for compilation of R-Returns and reporting under the Foreign Exchange Transactions – Electronic Reporting System (FETERS).

On further review, the Reserve Bank has advised the AD Category-I banks about the following changes in reporting of R-Returns under FETERS from the next financial year (i.e., transactions taking place from April 1, 2012) :

1. The purpose codes for classification and reporting of foreign exchange transactions in FETERS have been revised. Accordingly, all AD Category-I banks should report all foreign exchange transactions as per the revised purpose code list with effect from first fortnight of April 2012.

2. All AD banks should indicate purpose codes for all foreign exchange transactions (including receipts under non-export transactions below  ` 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.

3. The amount field in all FETERS files will be increased to 15-digit format.

4. 6-digit port code will be used uniformly for reporting under FETERS.

[A.P. (DIR Series) Circular No.84 dated February 29, 2012]

Ajit Prasad
Assistant General Manager

Press Release : 2011-2012/1393