What changed
RBI has discontinued submission of the quarterly statement E on total remittances through the XBRL site effective December 26, 2023. The reporting has shifted to the Centralized Information Management System (CIMS) portal, where the return is now assigned code R129. Banks already onboarded on CIMS must now use it exclusively for this filing.
What it means for you
AD Category-I banks must transition their quarterly remittance reporting to the CIMS portal, ensuring compliance from the December 2023 quarter. This move centralizes data submission into RBI's new data warehouse, likely improving data consistency and monitoring. Banks should verify their CIMS access and update internal processes to avoid delays or penalties.
What you must do
- Upload quarterly statement E on total remittances on the CIMS portal (https://sankalan.rbi.org.in) using return code R129 from the quarter ending December 2023.
- Submit a 'NIL' report on CIMS if no data is to be furnished for any quarter.
- Ensure your bank's CIMS portal access is active and staff are trained on the new submission process.
- Update internal compliance manuals to reflect the shift from XBRL to CIMS for this return.
Who it affects
Authorised Dealer Category – I banks, Compliance and reporting teams handling FEMA returns, Treasury and forex operations departments
What is the return code for the statement on CIMS?
The statement has been assigned return code 'R129' on the CIMS portal.
What if my bank has no remittance data to report for a quarter?
You must upload a 'NIL' report on the CIMS portal for that quarter.
From which quarter does the new CIMS submission apply?
The requirement applies from the quarter ending December 2023 onwards.