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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Latest Circulars »
 Reserve Bank of India imposes monetary penalty on Indian Bank
 RBI Announces OMO Purchase of Government of India Dated Securities Dec 11, 2018
 Survey on Computer Software & Information Technology Enabled Services Exports: 2017-18 – Data Release 1
 RBI-Sources of Variation in Foreign Exchange Reserves in India during April-September 2018
 Exim Bank's Government of India supported Line of Credit of USD 500 million to the Government of the United Republic of Tanzania
 RBI-Guidelines on Loan System for Delivery of Bank Credit
 Auction of Government of India Dated Securities December 03, 2018
 Notification No. 94/2018-CUSTOMS Central Board of Indirect Taxes and Customs
 Auction for Sale (Re-issue) of Government Stock (GS) December 03, 2018
 Relaxation on the guidelines to NBFCs on securitisation transactions
 RBI-Legal Entity Identifier Code for participation in non-derivative markets

RBI-Maintenance of CRR/SLR on Foreign Currency Assets/Liabilities Reference rate for INR/USD and exchange rate of other major currencies
August, 03rd 2018

RBI/2018-19/34
DBR.Ret.BC.No.01/12.01.001/2018-19

August 02, 2018

The Chairperson / CEOs of all Scheduled and Non- Scheduled Banks

Dear Sir/Madam,

Maintenance of CRR/SLR on Foreign Currency Assets/Liabilities– Reference rate for INR/USD and exchange rate of other major currencies.

Please refer to our circular DBOD.No.Ret.BC.113/12.01.001/2011-12 dated June 29, 2012 on Maintenance of CRR on FCNR(B) Scheme advising banks to be guided by the reference rate announced on the Reserve Bank’s website for converting foreign assets/deposits into INR for reporting in Form ‘A’ Return.

2. Financial Benchmarks India Private Limited (FBIL) has taken over the process of computing and disseminating reference rate for INR/USD and exchange rate for the other major currencies with effect from July 10, 2018.

3. In this connection, we advise that banks shall use the conversion rate announced by FBIL for the purpose of converting foreign assets/liabilities for reporting in Form ‘A’ return and Form VIII return. The change is to brought into effect from the reporting fortnight ending July 20, 2018.

4. As regards conversion of assets/liabilities in other currencies, for which reference rate is not available from FBIL, banks may continue to use New York closing rate pertaining to the day end of the Reporting Friday, for converting such currencies into USD. Banks may use the reference rate of FBIL for USD/INR of the same day for conversion into INR.

Yours faithfully,

(Shrimohan Yadav)   
Chief General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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