What changed
RBI has shifted the quarterly MTSS remittance reporting from the XBRL platform to the new Centralised Information Management System (CIMS) portal. The change takes effect from the quarter ending March 2024, with the statement assigned return code 'R130' on CIMS.
What it means for you
Authorised Persons acting as Indian Agents under MTSS must now register and file their quarterly statements on the CIMS portal (sankalan.rbi.org.in) instead of the earlier XBRL system. This aligns with RBI's broader data warehouse upgrade and may require system updates or new user credentials. Even if no remittances were received, a NIL report must be submitted within 15 days of quarter-end.
What you must do
- Register or update access on the CIMS portal (https://sankalan.rbi.org.in) for return code R130 before the March 2024 quarter deadline.
- Submit the quarterly MTSS remittance statement on CIMS within 15 days of quarter-end, including NIL reports for quarters with no remittances.
- Review internal reporting processes to ensure timely migration from XBRL to CIMS and avoid compliance gaps.
Who it affects
All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS), Banks and financial institutions handling inward remittances under MTSS
What is the new return code for MTSS reporting on CIMS?
The statement has been assigned return code 'R130' on the CIMS portal.
Do I need to submit a report if no remittances were received in a quarter?
Yes, a 'NIL' report must be submitted on CIMS for quarters with no remittances.
When does this change take effect?
The new reporting requirement on CIMS applies from the quarter ending March 2024.