It is proposed to compile half yearly reports on management of foreign exchange reserves for bringing about more transparency and also for enhancing the level of disclosure in this regard. These reports will be prepared with reference to positions as on 31st March and 30th September each year, with a time lag of about 3 months and put in the public domain by the RBI. The first such report with reference to September 30, 2003 is now being placed by RBI on its website.