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Cross Border Wire Transfer Reporting: New Threshold & Format

Current · Source: Reserve Bank of India · RBI/2013-14/573 · issued 25 Apr 2014 · ~2 min read
Quick answerRBI mandates that all Indian Agents under MTSS report cross border wire transfers over Rs. 5 lakh to FIU-IND by the 15th of the following month, using the existing Transaction Based Reporting Format on the FINnet gateway.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore, Mr. Kumar, ensures that all cross border wire transfers above Rs. 5 lakh are systematically tracked and reported to FIU-IND using the TRF format on the FIN-Net module. He trains his team on the new requirement and ensures timely submission of reports to maintain anti-money laundering compliance.

What changed

The circular extends the existing reporting obligation under PML Rules to include cross border wire transfers exceeding Rs. 5 lakh (or equivalent in foreign currency) where either the origin or destination is India. It specifies that the Transaction Based Reporting Format already used for CTRs, STRs, and NTRs must now be used for these wire transfers, with submission via the FIN-Net module.

What it means for you

Banks and other authorised persons acting as Indian Agents under MTSS must now systematically track and report all cross border wire transfers above the threshold. This tightens anti-money laundering compliance and requires integration of wire transfer data into existing FIU-IND reporting workflows. Non-compliance could attract penalties under FEMA and PMLA.

What you must do

Who it affects

All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS), Banks handling cross border wire transfers, Compliance and AML reporting teams

❓ Common questions

What is the threshold for reporting cross border wire transfers under this circular?

The threshold is Rs. 5 lakh or its equivalent in foreign currency, where either the origin or destination of the funds is in India.

By when must the report be submitted to FIU-IND?

The report must be furnished to the Director, FIU-IND by the 15th of the month succeeding the transaction month.

Which format should be used for reporting these wire transfers?

The existing Transaction Based Reporting Format (TRF) already used for Cash Transaction Reports, Suspicious Transaction Reports, and Non-Profit Organization Transaction Reports should be used.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/573 A.P. (DIR Series) Circular No.125 April 25, 2014 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) Madam / Sir, Reporting of Cross Border Wire Transfers Please refer to our A. P. (DIR Series) Circular No. 73 dated January 10, 2013 on ‘Uploading of Reports on FINnet Gateway’ wherein all Authorised Persons, who are Indian Agents under MTSS were advised to upload reports as required by FIU-IND using only FINnet gateway. 2. With the amendments to Prevention of Money Laundering (PML) Rules, notified by the Government of India vide Notification No. 12 of 2013 dated August 27, 2013 and in terms of amended Rule 3, every reporting entity is required to maintain the record of all transactions including the record of all cross border wire transfers of more than Rs. 5 lakh or its equivalent in foreign currency, where either the origin or destination of the fund is in India. FIU-IND has advised that the information of all such transactions may be furnished to Director, FIU-IND by 15th of the succeeding month. 3. In this regard, it is advised that the ‘Transaction Based Reporting Format’ (TRF) already developed by FIU-IND and being used for reporting Cash Transaction Reports (CTRs), Suspicious Transaction Reports (STRs) and Non-Profit Organizations Transaction Reports (NTRs) may be used for reporting the Cross Border Wire Transfers. The information may be furnished electronically in the FIN-Net module developed by FIU-IND. All Authorised Persons, who are Indian Agents under MTSS are accordingly advised to take action as required by FIU-IND and ensure that reports are submitted in time as per the schedule. 4. The format along with sample data filled in as an illustration is available in the ‘Downloads’ section of the FIU-IND website ( http://fiuindia.gov.in ). 5. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and also under the, Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 and Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time and are without prejudice to permission /approvals, if any, required under any other law. Yours faithfully, (C.D.Srinivasan) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/573 · issued 25 Apr 2014. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update your internal systems to capture all cross border wire transfers of Rs. 5 lakh or more (or foreign currency equivalent) with India as origin or destination.
📜 Compliance
  • Ensure your reporting team uses the Transaction Based Reporting Format available on the FIU-IND website for these transactions.
  • Submit the reports electronically via the FIN-Net module to FIU-IND by the 15th of the month following the transaction month.
  • Train relevant staff on the new reporting requirement and the use of the TRF format for cross border wire transfers.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS), Banks handling cross border wire transfers, Compliance and AML reporting teams), your first concrete step on “Cross Border Wire Transfer Reporting: New Threshold & Format” is: “Update your internal systems to capture all cross border wire transfers of Rs. 5 lakh or more (or foreign currency equivalent) with India as origin or destination.” (RBI issued this 25 Apr 2014).

  1. Circular: RBI/2013-14/573 -- Cross Border Wire Transfer Reporting: New Threshold & Format
  2. Issued: 25 Apr 2014
  3. Action required: Update your internal systems to capture all cross border wire transfers of Rs. 5 lakh or more (or foreign currency equivalent) with India as origin or destination.
  4. Action required: Ensure your reporting team uses the Transaction Based Reporting Format available on the FIU-IND website for these transactions.
  5. Action required: Submit the reports electronically via the FIN-Net module to FIU-IND by the 15th of the month following the transaction month.
  6. Action required: Train relevant staff on the new reporting requirement and the use of the TRF format for cross border wire transfers.
  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=8851&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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