Foreign exchange transactions- RBI returns
The Reserve Bank of India has directed the banks to file returns of foreign exchange transactions for the whole bank instead of filing it branch-wise. The RBI emphasizes that the banks are required to ensure that the returns and statements submitted to Reserve Bank reflect accurately and completely all the relevant foreign exchange transactions undertaken by them during the reporting period. The banks are also cautioned that failure on the part of the banks to furnish these returns accurately and in a timely manner will be viewed seriously by the Reserve Bank and may attract appropriate action in terms of section 10 and 11 of the Foreign Exchange Management Act (FEMA), 1999.
CIRCULAR NO. 10/RBI, Dated: October 23, 2006