What changed
FIU-IND has asked all Authorised Persons to begin submitting reports on the FINnet Gateway in 'Test Mode' from August 31, 2012, to test their ability to upload reports electronically. This test mode will continue until FIU-IND announces the go-live date (provisional go-live date is October 1, 2012). Existing CD-based reporting must continue until further notice.
What it means for you
Banks and other Authorised Persons must now prepare for a shift from physical CD-based reporting to electronic submission via FINnet Gateway. The test mode allows them to validate their XML format compliance and upload capability without disrupting current reporting obligations. Failure to participate may delay readiness for mandatory electronic reporting post-go-live (provisional go-live date is October 1, 2012).
What you must do
- Initiate submission of CTRs and STRs on FINnet Gateway in 'Test Mode' immediately to test electronic upload capability.
- Continue submitting existing reports in CD format as before until FIU-IND announces the go-live date.
- Contact FIU Help Desk at 011-24109792/93 or email for any clarifications or assistance during testing.
- Ensure your Principal Officer acknowledges receipt of this circular.
Who it affects
All Authorised Persons (banks, financial institutions, intermediaries) under FEMA and PMLA, Principal Officers of reporting entities
What is the purpose of the 'Test Mode' on FINnet Gateway?
The test mode allows Authorised Persons to test their ability to upload Cash Transaction Reports and Suspicious Transaction Reports electronically in XML format, ensuring readiness before the mandatory go-live date.
Do we need to stop CD-based reporting during the test mode?
No, CD-based reporting must continue as before until FIU-IND communicates the go-live date. The test mode is an additional requirement to prepare for electronic submission.
What should we do if we face issues during test mode upload?
Contact the FIU Help Desk at phone number 011-24109792/93 or via email for clarification and assistance.