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NBFCs Must Now File Cash/Suspicious Reports Only via FINnet Gateway (Circular dated April 22, 2014)

Current · Source: Reserve Bank of India · RBI/2013-14/569 · issued 22 Apr 2014 · ~2 min read
Quick answerRBI mandates NBFCs to submit cash and suspicious transaction reports exclusively through the FINnet gateway in XML format, discontinuing CD submissions. Reports on CD will no longer be accepted by FIU-IND. (Ref: RBI circular DNBS.(PD).CC.No.375/03.10.42/2013-14 dated April 22, 2014)
The rule, in the simplest words
How it plays out — a real example

Ravi, a compliance officer at a small NBFC in Jaipur, used to mail CDs with cash reports to FIU-IND. After this rule, he updates his system to generate XML files and uploads them through the FINnet gateway, ensuring his reports are accepted and avoiding penalties.

What changed

Previously, per circular DNBS.(PD).CC.No.339/03.10.42/2013-14 dated July 1, 2013, NBFCs were required to test their ability to upload cash and suspicious transaction reports on the FINnet gateway in Test Mode while continuing CD submissions. With the project now live (as of April 22, 2014), NBFCs must stop submitting reports on CD and use only the FINnet gateway for uploading reports in the new XML reporting format.

What it means for you

NBFCs must fully transition to electronic reporting via FINnet, as CD-based submissions are no longer valid. This streamlines compliance but requires NBFCs to ensure their systems can generate and upload XML reports correctly. Non-compliance could lead to rejected filings and regulatory scrutiny.

What you must do

Who it affects

All Non-Banking Financial Companies (NBFCs), Compliance and reporting teams at NBFCs, IT teams responsible for regulatory reporting systems

❓ Common questions

Can we still submit reports on CD if we face technical issues with FINnet?

No. The circular clearly states that any report submitted on CD will not be treated as a valid submission by FIU-IND. You must resolve technical issues and use only the FINnet gateway.

What is the new reporting format for these submissions?

Reports must be uploaded in the new XML reporting format via the FINnet gateway. The earlier test mode is now replaced by live production reporting.

Who should we contact for help with FINnet or XML format?

Contact the FIU-IND help desk at telephone numbers 011-24109792/93 or via email (email address not specified in the circular) for any clarification or assistance regarding submission of reports.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/569 DNBS(PD).CC. No.375 /03.10.42 /2013-14 April 22 , 2014 All Non Banking Financial Companies Dear Sir, Reporting of information / data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND) Please refer to the circular DNBS.(PD).CC.No.339/03.10.42/2013-14 dated July 1, 2013 [ para III (17) ] on the above subject. 2. In terms of the extant instructions, NBFCs are required to report information / data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND) on the FINnet Gateway in Test Mode to test their ability to upload the reports electronically till the time NBFCs are informed about ‘go-live’ of the project. The project has since gone ‘live' and henceforth NBFCs may discontinue submission of reports in CD, using only FINnet gateway for uploading of reports in the new XML reporting format. Any report in CD will not be treated as a valid submission by FIU-IND. For any clarification / assistance regarding submission of reports, you may contact FIU-IND help desk at email or telephone numbers 011-24109792 / 93. Yours faithfully, (Sindhu Pancholy) Deputy General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/569 · issued 22 Apr 2014. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Verify that your internal systems can generate XML reports compliant with FIU-IND requirements.
📜 Compliance
  • Discontinue submission of cash and suspicious transaction reports on CD immediately.
  • Upload all reports exclusively through the FINnet gateway in the prescribed XML format.
  • Contact FIU-IND help desk at 011-24109792/93 or via email for any technical assistance.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All Non-Banking Financial Companies (NBFCs), Compliance and reporting teams at NBFCs, IT teams responsible for regulatory reporting systems), your first concrete step on “NBFCs Must Now File Cash/Suspicious Reports Only via FINnet Gateway (Circular dated April 22, 2014)” is: “Discontinue submission of cash and suspicious transaction reports on CD immediately.” (RBI issued this 22 Apr 2014).

  1. Circular: RBI/2013-14/569 -- NBFCs Must Now File Cash/Suspicious Reports Only via FINnet Gateway (Circular dated April 22, 2014)
  2. Issued: 22 Apr 2014
  3. Action required: Discontinue submission of cash and suspicious transaction reports on CD immediately.
  4. Action required: Upload all reports exclusively through the FINnet gateway in the prescribed XML format.
  5. Action required: Contact FIU-IND help desk at 011-24109792/93 or via email for any technical assistance.
  6. Action required: Verify that your internal systems can generate XML reports compliant with FIU-IND requirements.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8847&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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