Page 61 - Banking Finance December 2024
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RBI CIRCULAR
tracts undertaken by them to the TR of CCIL with ef- Reserve Bank of India Act, 1934 and Sections 10(4),
fect from February 10, 2025 as per the following 11(1) and 11(2) of the Foreign Exchange Management
timelines: Act, 1999 and are without prejudice to permissions/
a. Inter-bank FX contracts involving INR shall be re- approvals, if any, required under any other law.
ported in hourly batches within 30 minutes from
completion of the hour. Such contracts executed Fully Accessible Route for Investment by
60 minutes prior to closure of CCIL's reporting plat-
form for the day and subsequent to closure of Non-residents in Government Securities
CCIL's reporting platform for the day shall be re- Inclusion of Sovereign Green Bonds
ported by 10 a.m. of the following business day.
November 07, 2024
b. Inter-bank FX contracts not involving INR executed
up to 5 p.m. on any given day should be reported 1. A reference is invited to the Press Release on Issuance
by 5:30 p.m. of that day. Such contracts executed Calendar for Marketable Dated Securities for October
after 5 p.m. should be reported by 10 a.m. of the 2024 - March 2025 dated September 26, 2024, issued
following business day. by the Reserve Bank, notifying, inter alia, the issuance
calendar for Sovereign Green Bonds for the second half
4. Authorised Dealer shall report all FX contracts executed of the fiscal year 2024-25. Attention is also invited to
with clients to the TR of CCIL in a phased manner. The the Fully Accessible Route (FAR) introduced by the Re-
following FX contracts executed with clients shall be serve Bank, vide A.P. (DIR Series) Circular No. 25 dated
mandatorily reported as per the following timelines: March 30, 2020, wherein certain specified categories
a. FX contracts with the value equal to or exceeding of Central Government securities were opened fully for
the threshold limit of USD 1 million and equivalent non-resident investors without any restrictions, apart
thereof in other currencies with effect from May from being available to domestic investors as well.
12, 2025.
2. The Government Securities that are eligible for invest-
b. FX contracts with the value equal to or exceeding ment under the FAR (specified securities) were noti-
the threshold limit of USD 50,000 and equivalent fied by the Bank vide the following circulars:
thereof in other currencies with effect from No-
vember 10, 2025. a. FMRD.FMSD.No.25/14.01.006/2019-20 dated
March 30, 2020;
c. FX contracts executed with clients should be re-
ported before 12 noon of the following business b. FMRD.FMID.No.04/14.01.006/2022-23 dated July
day. 07, 2022;
5. There shall be no requirement of matching transactions c. FMRD.FMID.No.07/14.01.006/2022-23 dated Janu-
with overseas counterparties and client transactions in ary 23, 2023;
the TR as the overseas counterparties and clients are d. FMRD.FMID.No.04/14.01.006/2023-24 dated No-
not required to report/confirm the transaction details. vember 08, 2023; and
Authorised Dealer shall be responsible for ensuring the e. FMRD.FMID.No.03/14.01.006/2024-25 dated July
accuracy in respect of transactions reported.
29, 2024.
6. Authorised Dealer shall ensure that outstanding balances 3. It has now been decided to also designate Sovereign
between their books and the TR are reconciled and sub- Green Bonds of 10-year tenor issued by the Govern-
jected to concurrent audit on an ongoing basis.
ment in the second half of the fiscal year 2024-25 as
7. The reporting formats shall be as indicated by CCIL with specified securities under the FAR.
the prior approval of the Reserve Bank. 4. The Directions contained in this circular have been is-
8. For the purpose of these Directions, Authorised Dealer sued under Section 45W of Chapter IIID of the Reserve
shall have the same meaning assigned in the Master Bank of India Act, 1934 and are without prejudice to
Direction Risk Management and Inter-Bank Dealings permissions/ approvals, if any, required under any other
dated July 5, 2016, as amended from time to time. law.
9. These directions are issued under the powers vested in 5. These Directions shall be applicable with immediate
the Reserve Bank of India under Section 45W of the effect.
54 | 2024 | DECEMBER | BANKING FINANCE
