RBI Shifts Submission of Quarterly Statements From XBRL Mode to Centralised Information Management System
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- By Chetan Kulasri
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- Last Updated on 7 March, 2024
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Circular No: RBI/2023-24/130 A.P. (DIR Series) Circular No.15, Dated: 05.03.2024
With the launch of the Centralized Information Management System (CIMS), the RBI has decided that with effect from the quarter ending in March, 2024, submission of quarterly statements on the quantum of remittances received through MTSS will be done on the CIMS portal.
This portal serves as the bank’s next-generation data warehouse. The statement has been assigned return code – ‘R130’ on CIMS. Further, in case no remittance was received during the quarter, a ‘NIL’ report must be submitted. Accordingly, the Master Direction on ‘Reporting under FEMA’ is being updated to reflect the changes.
Earlier, the RBI vide circular dated May 19, 2016 directed all Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS) to submit a quarterly statement (within 15 days from the close of the quarter to which it relates) on the quantum of remittances received through MTSS using the eXtensible Business Reporting Language (XBRL) platform.
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