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Informist, Friday, Nov. 8, 2024

 

--RBI: Dealers must report FX cash, tom, spot contracts to trade repository 

--RBI: Must report inter-bk FX contracts to CCIL trade repository from Feb 10 

--RBI: Dealers must report FX contracts with clients to CCIL trade repository 

 

NEW DELHI – The Reserve Bank of India has expanded the reporting requirement of various foreign exchange contracts that dealers detail to the trade repository of Clearing Corp. of India Ltd., the central bank notified on Friday. 

 

Authorised dealers are now required to report foreign exchange cash, tom and spot contracts, involving the rupee, to the CCIL's trade repository in a phased manner, while also reporting all interbank foreign exchange contracts from Feb. 10. 

 

Detailing the timelines of the same, the central bank said that interbank foreign exchange contracts involving the rupee shall be reported in hourly batches within 30 minutes from completion of the hour. Such contracts executed 60 minutes prior to closure of CCIL's reporting platform for the day and after the closure of CCIL's reporting platform for the day shall be reported by 1000 IST of the following business day. 

 

Further, non-rupee interbank foreign exchange contracts executed up to 1700 IST on any given day should be reported by 1730 IST on that day. Such contracts executed after 1700 IST, are required to be reported by 1000 IST of the next business day.

 

Apart from interbank transactions, dealers are also required to mandatorily report all foreign exchange deals executed with clients to CCIL's trade repository in a phased manner, the RBI said. Specifying the timelines for the same, the central bank said that dealers must report foreign exchange contracts executed with clients with a value equal to or exceeding the threshold limit of $1 million and the equivalent in other currencies, with effect from May 12, while contracts with value equal to or more than $50,000 and equivalent in other currencies must be reported from November 10, 2025.

 

Foreign exchange contracts executed with clients should be reported before 1200 IST on the next business day, the RBI said. The central bank also said that there is no need to match transactions with overseas counterparties and client transactions in the trading repository as the overseas counterparties and clients are not required to report or confirm the transaction details. 

 

End

US$1 = INR 84.38

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Pratiksha

Edited by Vandana Hingorani

 

 

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