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NBFCs must fully transition to electronic reporting via FINnet, as CD-based submissions are no longer valid.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
- 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.
- Verify that your internal systems can generate XML reports compliant with FIU-IND requirements.
Who it affects
All Non-Banking Financial Companies (NBFCs), Compliance and reporting teams at NBFCs, IT teams responsible for regulatory reporting systems
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.