RBI - FETERS R-Returns Report
FETERS R-Returns Solution to meet RBI Regulatory Requirements
The Financial Action Task Force (FATF) is an inter-governmental body whose objectives to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures and promotes the adoption and implementation of appropriate measures globally.
Smarter More Strategic Approach to FETERS R-Returns Reporting
RBI guidelines for compilation of R-Returns and reporting under the Foreign Exchange Transactions – Electronic Reporting System (FETERS), and also the A.P.(DIR Series) Circular No. 30 dated February 25, 2008 on the move from the system of ‘branch-wise’ reporting to ‘bank-wise’ reporting under the FETERS.
The purpose codes for classification and reporting of foreign exchange transactions in FETERS should be as per the revised classification.
AD banks may indicate purpose codes for all foreign exchange transactions (including receipts under non-export transactions below Rs. 5 lakhs) under FETERS.
6-digit port code will be used uniformly for reporting under FETERS.
Banks may submit datafiles on a fortnightly basis.
Inter-relationship among files BOP6.TXT, QE.TXT and R-Return cover page should be ensured.
Records with audit to be maintained for a minimum period of 5 years from date of transaction.
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FETERS R-Returns Solution Features
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Compilation & Reconciliation
Automated compliance, reconciliation & reporting for Trade Transactions across all platforms
Regulatory Reports Business Intelligence
Customization to Automated Reports, Kyzer also provides Business Intelligence for improving Customer eXperience / TAT
RBI Portal Master Management
Masters management within the solution offers validations to ensure optimum accuracy of reporting.
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