What changed
RBI shifted the quarterly reporting of guarantees, LoUs, and LoCs for import trade credits from manual/email submission to the XBRL platform, effective from the quarter ended September 30, 2013. Banks that already submitted manually for that quarter must also file online. From December 31, 2013 onward, only XBRL-based submission is accepted, due by the 10th of the following month.
What it means for you
Banks must now use the RBI's XBRL portal for trade credit data, eliminating paper-based and email reporting. This streamlines data collection and reduces manual errors, but requires banks to ensure their systems and staff are XBRL-ready. Non-compliance could lead to reporting delays or regulatory scrutiny.
What you must do
- Register for XBRL access by emailing RBI with contact details to obtain username and password.
- Download the Form LOU package from the XBRL site and upload data for the quarter ended September 30, 2013, even if already submitted manually.
- Ensure all future quarterly reports (from December 31, 2013) are filed on XBRL by the 10th of the succeeding month.
- Train relevant staff on using the XBRL platform and refer to the Help guide on the site.
Who it affects
All Category-I Authorised Dealer banks, Bank branches handling import trade credit instruments, Compliance and reporting teams in AD banks
What is the deadline for submitting the XBRL report for the quarter ended September 30, 2013?
The circular does not specify a separate deadline for that quarter, but banks must submit it online even if already filed manually. For subsequent quarters, the deadline is the 10th of the month following the quarter end.
How do I get access to the XBRL portal?
Email RBI at the provided contact with your bank's details to request a username and password. The portal URL is https://secweb.rbi.org.in/orfsxbrl/.
Is manual submission still allowed for any quarter?
No. Manual and email submissions are dispensed with from the quarter ended September 30, 2013 onward. All data must be reported via XBRL.