What changed
RBI announced plans to shift six specific returns from paper or email submission to an online platform, as part of the interim recommendations of the Regulations Review Authority (RRA 2.0). The affected returns include those related to FCY-Rupee options, non-resident bank accounts, suspicious transactions, interest rate risk positions, cross-border remittances from rupee derivatives, and FX client transactions. The exact date for this change will be announced later, and existing submission methods remain valid until then.
What it means for you
Banks and eligible market participants will eventually need to file these returns through an online portal instead of paper or email, which should streamline data collection and reduce manual errors. The transition may require system updates and staff training to ensure compliance with the new online process. Until the go-live date is notified, no immediate action is needed, but banks should prepare for the change.
What you must do
- Review the list of six returns in the Annex to understand which submissions will move online.
- Prepare internal systems and processes for eventual online filing of these returns.
- Monitor RBI notifications for the exact go-live date and any further instructions.
- Continue submitting returns via existing paper/email methods until the new system is activated.
Who it affects
All eligible market participants (AD banks), Banks maintaining rupee accounts of non-resident banks, Banks dealing in FCY-INR options and rupee interest rate derivatives, Banks handling cross-border remittances from rupee derivatives
When will the online submission start?
RBI has not yet announced the exact date. It will be notified in due course. Until then, continue using current paper or email methods.
Which returns are being moved online?
Six returns: FCY-Rupee Option Transactions, List of Offices/Branches Maintaining Rupee Accounts of Non-Resident Banks, Suspicious Transactions by Non-Resident Importers/Exporters, Interest Rate Risk Positions for Clients, Cross-border remittances from Rupee interest rate derivatives, and FX transactions with clients across channels.
Do we need to change anything now?
No immediate changes are required. Keep filing as before and watch for RBI's notification on the go-live date.