Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: empanelment :: VAT Audit
 
 
« Latest Circulars »
 Results of Underwriting Auctions Conducted on July 20, 2017
 Master Circular – Detection and Impounding of Counterfeit Notes
 Monitoring of Foreign Investment under PIS in Indian Companies – M/s The Byke Hospitality Limited - 1. Increase in FIIs/FPIs Investment limit under Portfolio Investment Scheme from 24% to 40% Removal from the FIIs/ FPIs Caution List
 RBI's Monthly Bulletin for July 2017
 Financial Action Task Force (FATF) Public Statement dated June 23, 2017
 All-India House Price Index (HPI) recorded marginal increase in Q4:2016-17
 Auction of Government of India Dated Securities July 17, 2017
 RBI-Interest rates for Small Savings Schemes
 Priority Sector Lending – Status, Issues and Future Agenda (Shri S S Mundra, Deputy Governor - June 27, 2017 - at the ”Conference on Credit flow to Priority Sector – Policy and Implementation” held at College of Agricultural Banking, Pune1)
 Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman
 Investment in plant and machinery for the purpose of classification as Micro, Small and Medium Enterprises – documents to be relied upon

Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives
October, 15th 2012

RBI/2012-13/248
FMD.MSRG.No.72/02.05.002/2012-13

October 12, 2012

All Category I Authorised Dealer Banks

Madam/Sir,

Reporting Platform for OTC Foreign Exchange and Interest Rate Derivatives

Reserve Bank, vide its circular FMD.MSRG.No.67/02.05.002/2011-12 dated March 9, 2012, had advised that all inter-bank OTC foreign exchange derivatives transactions should be reported on a platform to be developed by the CCIL. The first phase of reporting covering inter-bank OTC USD-INR forwards, FX swaps and FCY-INR options had commenced on July 9, 2012. The first phase of reporting was introduced vide our circular FMD.MSRG.No.69/02.05.002/2011-12 dated June 22, 2012 wherein it was indicated that reporting of other inter-bank OTC foreign exchange derivatives and all/selective trades in OTC foreign exchange and interest rate derivatives between the AD categoryI banks/market makers (banks/PDs) and their clients on CCILs reporting platform will be introduced in a phase-wise manner to be advised in due course

The CCIL has since completed development of the platform for reporting of the following inter-bank OTC derivatives:

  • FCY(excluding USD)-INR forwards

  • FCY(excluding USD)-INR FX swaps

  • FCY-FCY forwards

  • FCY-FCY FX Swaps

  • FCY-FCY options

It has been decided that the platform should be operationalised with effect from November 5, 2012. The salient features of the reporting requirement are as under.

  1. The inter-bank OTC FCY (excluding USD)-INR forward and FX swap trades are to be reported in hourly batches within 30 minutes from completion of the hour. For example, the first hourly batch will cover trades undertaken between 9 a.m. and 10 a.m. which shall have to be reported on the CCILs platform by 10.30 a.m.

  2. The inter-bank OTC FCY-FCY forward, FX swap and option trades (i.e. trades that do not involve INR as one of the currencies) executed up to 5 p.m. on any given day are to be reported in one lot by 5.30 p.m of that day. The inter-bank OTC FCY-FCY forward, FX swap and option trades executed after 5 p.m. may be reported in one batch by 10 a.m. on the following business day.

  3. The AD banks are also required to report FCY-FCY forward, FX swap and option trades executed with overseas counterparties including their own branches/parent body.  There shall be no matching of such trades in the CCIL platform as overseas counterparties are not required to report/confirm the trade details.

  4. Details of all the outstanding inter-bank OTC FCY(excluding USD)-INR forwards, FX swaps and FCY-FCY forwards, FX swaps and options as on the date of commencement of the reporting, i.e, November 5, 2012 are required to be reported to CCIL by November 30, 2012.

  5. Currently the reporting will cover transactions involving 14 currencies namely USD, EUR, GBP, JPY, AUD, CAD, CHF, HKD, DKK, NOK, NZD, SGD, SEK and ZAR. The reporting will be extended to other currencies in due course and shall be communicated by CCIL.

  6. Detailed operational guidelines in this regard would be made available by CCIL.

Banks may take steps to familiarise their personnel with technical and other aspects of reporting which will be facilitated by CCIL.

Yours sincerely

(G. Mahalingam)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions