What changed
Previously, AD Category-I banks submitted XOS branch-wise to respective RBI Regional Offices on a half-yearly basis. Now, with effect from the half-year ending December 2013, submission must be done online and bank-wide through a designated nodal branch. RBI will provide user IDs and passwords for direct server access.
What it means for you
Banks need to centralize their export bill data reporting, moving from decentralized branch submissions to a single bank-level upload. This streamlines RBI's monitoring of export bills outstanding beyond six months. Banks must invest in infrastructure and processes to ensure accurate, timely online submissions.
What you must do
- Designate a nodal branch responsible for bank-wide XOS data submission.
- Set up necessary IT infrastructure and processes for online data upload to RBI server.
- Send sample test data to RBI by October 31, 2013, for validation and feedback.
- Ensure all branches align with the new bank-wide reporting system before December 2013 deadline.
Who it affects
All AD Category-I banks, Nodal branches designated for XOS submission, Bank IT and compliance teams
What is the deadline for transitioning to online bank-wide XOS submission?
The new system applies from the half-year ending December 2013. Banks must send sample test data by October 31, 2013, to ensure readiness.
How will banks access the RBI server for uploading XOS data?
RBI will allot unique User IDs and passwords to each AD Category-I bank for direct server access. The software allows online upload of consolidated bank-wide data.
What happens if a bank fails to comply with the new submission method?
The circular is issued under FEMA sections 10(4) and 11(1), so non-compliance may attract regulatory action. Banks are advised to put infrastructure in place promptly.