|The banking and monetary regulator, the Reserve Bank of India (RBI) has issued a circular to all the banks taking foreign currency deposits from non resident Indians (NRI) with regard to reporting of forex deposits data.
However regional rural banks and cooperative banks have been kept out of this new rule. The circular issued by RBI read, "... It has now been decided that the banks, dealing in foreign exchange (excluding regional rural banks and cooperative banks) can stop sending hard copies to Department of Statistics and Information Management (DSIM) henceforth."
The RBI previously used to collect the data in hard copies, and compiles it on its computerized Non-resident deposits comprehensive single return (NRD CSR) software.
The data is collected for the National Statistical Commission, which collects varied data of the entire economy.
From now on the banks will electronically submit the data pertaining to forex in CSR format. RRBs and cooperative banks may send reports in CSR format with the compulsory hard copies of the data reports.