RBI mandates reporting of Foreign Exchange Transactions to Trade Repository
RBI Master Direction namely Risk Management and Inter-Bank Dealings requires, inter-alia, Authorised Dealers to 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 (including overseas branches, IFSC Banking Units, wholly owned subsidiaries and joint ventures of Authorised Dealers), to the Trade Repository (TR) of Clearing Corporation of India Ltd. (CCIL).
To ensure completeness of transaction data in TR for all foreign exchange instruments, RBI has decided to expand the reporting requirement to include foreign exchange spot (including value cash and value tom) deals in a phased manner.
Accordingly, transactions in the following foreign exchange contracts, involving INR or otherwise, (“FX contracts”) shall now be reported to the TR:
(i) foreign exchange cash;
(ii) foreign exchange tom; and
(iii) foreign exchange spot.
Money changing transactions shall not come within the scope of these Directions and shall be governed by the Master Direction – Money Changing Activities or any other rule, regulation or Direction issued in this regard.
As a result,
Authorised Dealers shall report all inter-bank FX contracts undertaken by them to the TR of CCIL with effect from February 10, 2025 as per the following timelines:
(i) Inter-bank FX contracts involving INR shall be reported in hourly batches within 30 minutes from completion of the hour. Such contracts executed 60 minutes prior to closure of CCIL’s reporting platform for the day and subsequent to closure of CCIL’s reporting platform for the day shall be reported by 10 a.m. of the following business day.
(ii) Inter-bank FX contracts not involving INR executed up to 5 p.m. on any given day should be reported by 5:30 p.m. of that day. Such contracts executed after 5 p.m. should be reported by 10 a.m. of the following business day.
Authorised Dealer shall report all FX contracts executed with clients to the TR of CCIL in a phased manner. The following FX contracts executed with clients shall be mandatorily reported as per the following timelines:
(i) FX contracts with the value equal to or exceeding the threshold limit of USD 1 million and equivalent thereof in other currencies with effect from May 12, 2025.
(ii) FX contracts with the value equal to or exceeding the threshold limit of USD 50,000 and equivalent thereof in other currencies with effect from November 10, 2025.
Read RBI Circular Click Here >>
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