What changed
Earlier, banks had to submit both hard and soft copies of Stat 5 and Stat 8 returns on non-resident deposits to DSIM. Now, banks dealing in foreign exchange (excluding RRBs and co-operative banks) can stop sending hard copies and only email soft copies. Co-operative banks and RRBs must still send both hard and soft copies to their regional RBI office.
What it means for you
This reduces paperwork and administrative burden for most banks, streamlining the reporting process. Banks must ensure their soft copy submissions are accurate and timely, as hard copies are no longer accepted for them. Co-operative banks and RRBs face no change and must continue dual submission.
What you must do
- Stop sending hard copies of Stat 5 and Stat 8 returns to DSIM if your bank is not an RRB or co-operative bank.
- Continue sending only soft copies in Microsoft Excel format via email to DSIM as per the prescribed format.
- If you are a co-operative bank or RRB, continue submitting both hard and soft copies to your regional RBI office.
- Update your internal reporting procedures to reflect the new submission method.
Who it affects
All authorised dealers in foreign exchange (banks), Banks maintaining Non-Resident Deposit accounts, Co-operative banks, Regional Rural Banks
Which banks are exempt from sending hard copies?
All banks dealing in foreign exchange, except Regional Rural Banks and Co-operative banks, can stop sending hard copies of Stat 5 and Stat 8 returns.
What should co-operative banks and RRBs do?
They must continue submitting both hard and soft copies of Stat 5 and Stat 8 returns to the Regional Offices of the Foreign Exchange Department, RBI.
What is the format for soft copy submission?
Soft copies must be in Microsoft Excel format as per the prescribed format, sent via email to DSIM, Central Office.