What changed
RBI has mandated daily reporting for FCNR(B) deposits, ECBs, and OFCBs mobilized under the swap facility introduced on June 8, 2026. Banks must submit data by 6 PM daily in prescribed formats, with a nil statement on no-transaction days (excluding Saturdays and holidays). Back data from June 8, 2026, must be submitted with the first report due June 22, 2026.
What it means for you
Banks must set up internal processes to capture and report these specific forex inflows daily, ensuring timely submission to the correct RBI email addresses. Non-compliance could attract scrutiny under FEMA provisions. The nil reporting requirement ensures RBI has a complete picture of swap facility usage, even on quiet days.
What you must do
- Assign a team to compile daily data on FCNR(B), ECB, and OFCB transactions under the swap facility by 6 PM.
- Use Annex I for FCNR(B) to [email protected], Annex II for ECB to [email protected], and Annex III for OFCB to [email protected].
- Submit a nil statement on days with no transactions, except Saturdays and holidays.
- Prepare and submit back data from June 8, 2026, along with the first report due June 22, 2026.
- Review FEMA compliance under Sections 10(4), 11(1), and 11(2) for these reports.
Who it affects
AD Category-I banks, Treasury and forex operations teams, Compliance and reporting departments
Do we need to report on Saturdays and holidays?
No, nil statements are not required on Saturdays and holidays. The circular does not specify reporting requirements for transactions on those days.