The Reserve Bank of India expands forex reporting to include spot deals for improved transaction data in the trade repository. (DC File Image)
MUMBAI: The Reserve Bank on Friday said it has decided to expand the reporting requirement of forex transactions and include foreign exchange spot deals to ensure completeness of transaction data in the trade repository (TR) of the Clearing Corporation of India.Currently, authorised dealers report all over-the-counter (OTC) foreign exchange derivative contracts and foreign currency interest rate derivative contracts undertaken by them directly or through their overseas entities to the TR of Clearing Corporation of India Limited (CCIL).
"To ensure completeness of transaction data in TR for all foreign exchange instruments, it has been decided to expand the reporting requirement to include foreign exchange spot (including value cash and value TOM) deals in a phased manner," the Reserve Bank of India (RBI) said in a circular.
Accordingly, transactions in foreign exchange cash; foreign exchange tom; and foreign exchange spot, involving the rupee or otherwise shall now be reported to the TR, it said.
However, money-changing transactions are not in the scope of the latest directions.
Authorised dealers have been asked to report all inter-bank foreign exchange contracts undertaken by them to the TR of CCIL with effect from February 10, 2025, as per defined timelines.
The RBI also said there would be no requirement to match transactions with overseas counterparties and client transactions in the TR as the overseas counterparties and clients are not required to report/confirm the transaction details.
An authorised dealer would be responsible for ensuring the accuracy with respect to transactions reported.
( Source : PTI )
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