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 RBI 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.
– Every transaction which causes inflow of foreign exchange into India or outflow of foreign exchange from India and affects the position of foreign currency assets or liabilities, is required to be reported to RBI.
– As these transactions take place by way of debits and credits to the Nostro Accounts maintained by the ADs and Vostro accounts of non resident banks maintained with the ADs, every debit and every credit to these
accounts (and only every debit and every credit to these accounts) are required to be reported
– [Exceptions to this rule are ( sale/purchase of foreign currency notes and coins where sales ( and purchases ( are to be shown as such and ( the transactions relating to export bills negotiated, purchased or discounted
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RBI 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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