What changed
RBI released a circular under A.P. (DIR Series) on December 22, 2023, directing AD Category-I banks to discontinue submission of two gold import statements (half-yearly and monthly) via XBRL and instead upload them on the Centralised Information Management System (CIMS) portal from December 26, 2023. The returns are named 'Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(M)' (code R132) and 'Import of gold by EOUs, units in SEZ/EPZ and nominated agencies(HY)' (code R133).
What it means for you
AD Category-I banks must stop using the legacy XBRL system for these specific gold import statements and start submitting them on the CIMS portal (https://sankalan.rbi.org.in) from December 26, 2023. If no data, a NIL report must be uploaded.
What you must do
- Upload the half-yearly statement (end March/end September) on quantity and value of gold imported by nominated banks/agencies/EOUs/SEZs in Gem & Jewellery sector, mode of payment-wise, on CIMS portal from December 26, 2023.
- Upload the monthly statement on quantity and value of gold imports by nominated agencies (other than nominated banks)/EOUs/SEZs in Gem & Jewellery sector, including cumulative position, on CIMS portal from December 26, 2023.
- Upload a NIL report if no data to furnish.
- Discontinue submission of these statements via legacy XBRL system.
Who it affects
Category-I Authorised Dealer Banks, Forex compliance teams handling gold import reporting, Trade finance and remittance departments involved in gold import transactions
What is the effective date of this circular?
The circular is dated December 22, 2023, and the shift to CIMS portal takes effect from December 26, 2023.
Does this circular apply to all banks?
No, it specifically addresses Category-I Authorised Dealer Banks.
What is CIMS in this context?
CIMS stands for Centralised Information Management System, RBI's new data warehouse for data collection, replacing the legacy XBRL system for these gold import statements.