What changed
RBI revised FETERS reporting to align with IMF's BPM6 guidelines and core banking system adoption. From April 2012, all forex transactions, including non-export receipts below Rs. 5 lakhs, must be reported with individual purpose codes. The previous system of consolidated reporting and sample-based URS for small receipts is scrapped.
What it means for you
Banks must upgrade FETERS systems to handle 15-digit amount fields and 6-digit port codes. The move to full transaction-level reporting eliminates the unclassified receipts survey, increasing data granularity for BoP compilation. This reduces manual aggregation but requires banks to capture purpose codes for every small receipt.
What you must do
- Update FETERS software to accept 15-digit amount fields and 6-digit UNLOCODE port codes by April 1, 2012.
- Train staff to assign revised purpose codes to all forex transactions, including non-export receipts below Rs. 5 lakhs.
- Discontinue consolidated reporting and URS sample submissions for small non-export receipts from April 2012.
- Review and align internal reporting processes with the attached revised FETERS guidelines.
Who it affects
AD Category-I banks, Forex reporting and compliance teams, Core banking system (CBS) and IT departments handling FETERS
What happens to non-export receipts below Rs. 5 lakhs after March 31, 2012?
They must be reported individually with purpose codes in FETERS. The earlier consolidated reporting in the BoP file and the URS sample survey are discontinued.
Why are purpose codes being revised?
To align India's Balance of Payments compilation with IMF's BPM6 manual and international best practices, as recommended by the Deepak Mohanty Working Group.
What is the new port code format?
A 6-digit port code as per the UNLOCODE scheme, replacing the earlier 2-digit code issued by RBI. This is now issued by the Directorate General of Systems (Customs).