Compilation of R-Returns: Reporting under FETERS
In order to facilitate compilation of estimates of bilateral trade in services, it has been decided to incorporate an additional field for capturing the country code of ultimate exporter/importer in the BoP file-format under Foreign Exchange Transactions Electronic Reporting System (FETERS). In case of export of services, bank may use the transaction information available with them to report country-code of the ultimate exporting country, whereas Form-A2 is being revised here for capturing the required country information for import of services.
The revised format is for reporting of R-Returns on fortnightly basis (15th and end-month) for forex transactions performed w.e.f. April 01, 2019. AD Banks should make the required changes in their work-flows and information systems to capture the required additional data accordingly to comply with the guidelines.
The directions contained have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
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