Tuesday , August 20, 2019 |   22:14:39 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
(TP - Transfer pricing adjustment should be restricted to only value of international transaction pertaining to manufacturing operations: ITAT See 'Breaking News') DTAA - Referral fees earned by foreign concern for their services carried out abroad, cannot be attributed or held as having been "deemed to have accrued or arisen" to said foreign concern in India: ITAT (See 'Breaking News') TP - No penalty u/s 271G can be levied for non-furnishing of segmental information, without rendering any finding on segmental break-up submitted by taxpayer: ITAT (See 'Breaking News') I-T - If no expenditure on payment of upfront fee to Foreign company has been incurred by Indian taxpayer entity, then no deduction can be availed by it while filing I-T return: ITAT (See 'Breaking News') I-T - Commission paid to agents abroad for procuring export orders overseas, does not amount to FTS and hence does not attracts withholding tax liability u/s 195: ITAT (See 'Breaking News') CBDT clarifies on treatment of farm-in expenditure of E&P Companies (See 'Bulletin Board') TP - TPO cannot question quantum of benefit accrued to taxpayer entity, for deciding ALP of Intra group services & royalty payments made to overseas AEs: ITAT (See 'Breaking News') TP - Company having huge brand value & ownership over intellectual property, are not comparable to captive BPO service providers: ITAT (See 'Breaking News') DTAA - Subscription fees received by non-resident entity from its Indian customers/subscribers has to be assessed as 'royalty': ITAT (See 'Breaking News') I-T - Once MAP resolution regarding attribution of profits of PE in India stands agreed between Competent Authorities, then matter regarding presence of PE calls for remand: ITAT (See 'Breaking News') I-T - Disallowance u/s 40(a)(i) cannot be imposed on royalty payments without verifying if taxpayer has deducted or not deducted TDS at time of payment to non-resident: HC (See 'Breaking News') BEPS - India notifies MLI as per agreement signed in Paris (See 'MLI' in 'INTL Taxation') Vanishing Demand makes Recession for Real! Tax Regime also contributes! (See 'THE COB(WEB)' in TIOL) I-T - No TDS u/s 195 is attracted to payments made overseas, if services were rendered outside India and payment was also received abroad: ITAT (See 'Breaking News') I-T - Payments made abroad for purchasing software without acquiring any copyright, does amount to royalty and hence does not attract TDS liability: ITAT (See 'Breaking News') TP - Inability to produce segmental profits due to trade difficulties in diamond industry, does not justify levy of penalty u/s 271G, if there is due compliance of Section 92CA & 92D: ITAT (See 'Breaking News') TP - Confirmation of ALP adjustment & transfer pricing additions in appellate proceedings by FAA, without resorting to independent application of mind, calls for remand: ITAT (See 'Breaking News') I-T- Merely because the Department's Non-filers Monitoring System issues a notice to the assessee the Revenue is at liberty to issue notice u/s 147 - NO: HC (See 'Breaking News') Multilateral Instrument - The clock is ticking!! (See 'TII Special')
 
TII SEARCH
 
 
   
Home >>
 

Compilation of R-Returns: Reporting under FETERS
By TII News Service
Mar 20, 2019 , Mumbai

    

A.P. (DIR Series)

CIRCULAR NO

25/Dated: March 20, 2019

To,

All Authorised Dealers in Foreign Exchange

Compilation of R-Returns: Reporting under FETERS

Attention of Authorised Dealer (Category I) banks is invited to A.P. (DIR Series) Circular No.84 dated February 29, 2012, A.P. (DIR Series) Circular No.15 dated July 28, 2014 and A.P (DIR Series) Circular No.50 dated February 11, 2016 giving guidelines for compilation of R-Returns for reporting under the Foreign Exchange Transactions Electronic Reporting System (FETERS).

2. In order to facilitate compilation of estimates of bilateral trade in services, it has been decided to incorporate an additional field for capturing the country code of ultimate exporter/importer in the BoP file-format under FETERS. In case of export of services, bank may use the transaction information available with them to report country-code of the ultimate exporting country, whereas Form-A2 is being revised here for capturing the required country information for import of services.

3. The details of the additional field is as follows:

i. BoP file-format under FETERS

Field
Format
Remarks
Country Code (SWIFT Code) of ultimate exporter/importer
Char(2)
To be added at the end of BOP file format

ii. Form A2 - If payment is for import of services (Purpose Group Nos. 02, 03, 05, 06, 07, 08, 09 10, 11, 15, 16 or 17), please indicate:

"Name of the country providing ultimate services: ....................."

The Form A2 (revised) and the file format (revised) of the BOP file for reporting under FETERS are given in Annex I and Annex II, respectively.

4. The revised format is for reporting of R-Returns on fortnightly basis (15th and end-month) for forex transactions performed w.e.f. April 01, 2019. AD Banks should make the required changes in their work-flows and information systems to capture the required additional data accordingly to comply with the guidelines.

5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

[RBI/2018-2019/145]

(Ajay Kumar Mishra)
Chief General Manager -in -Charge

Annex I

FORM A2

(To be completed by the applicant)

(For payments other than imports of goods and remittances covering intermediary trade)
AD Code No..................
Form No...................
(To be filled in by the Authorised Dealer)
Currency..................Amount ..................Equivalent to Rs..................

Application for Remittance Abroad
(To be completed by the Authorised Dealer)

I/We...........................................................................................................

(Name of applicant remitter)

PAN No............................................................................................

Address............................................................................................ authorize.......................................

(Name of AD branch)

To debit my Savings Bank/ Current/ RFC/ EEFC A/c. No........................................... together with their charges and

a) Issue a draft: Beneficiary's Name..............................................................

Address .................................................................................

b) Effect the foreign exchange remittance directly –

1) Beneficiary's Name.................................................................................

2) Name and address of the bank.................................................................................

3) Account No. .................................................................................

c) Issue travellers cheques for

d) Issue foreign currency notes for

Amount (specify currency)

(Strike out whichever is not applicable) for the purpose/s indicated below

2) To be filled in by residents only if the remittance is made under LRS

Sr. No.
Whether under LRS (Yes/No)
Purpose Code
Description
       

(3) Payment for import of services (Purpose Group Nos. 02, 03, 05, 06, 07, 08, 09 10, 11, 15, 16 or 17), please indicate:

"Name of the country providing ultimate services: ……………."

(Remitter should put a tick (√) against an appropriate purpose code. In case of doubt/ difficulty, the AD bank should be consulted).

Declaration

(Under FEMA 1999)

1. I, ………………. …………(Name), hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year including this application is as per the extant FEMA Regulations and certify that the source of funds for making the said remittance belongs to me and the foreign exchange will not be used for prohibited purposes / Foreign exchange purchased from you is for the purpose indicated above.

Details of the remittances made/transactions effected under the Liberalised Remittance Scheme in the current Financial Year (April-March)…………

Sr. No.
Date
Amount
Name and address of AD branch/FFMC through which the transaction has been effected
 
 
 
 

Signature of the applicant

(Name)

Date:

Certificate by the Authorised Dealer

This is to certify that the remittance is not being made by/ to ineligible entities and that the remittance is in conformity with the instructions issued by the Reserve Bank from time to time under the Scheme.

Name and designation of the authorised official:

Stamp and seal

Signature:

Date:

Annex II

FETERS File Layouts

1. BANKCODE_BOP6.TXT relating to transactions involving sale and purchase of foreign exchange (excluding inter-office, inter-bank, RBI transactions) during the reporting fortnight

Field
Format
Remarks
AD Code
Char (7)
BSR Part-1 Uniform Code
Fortnight-end Date
YYYYMMDD
 
Transaction Date
YYYYMMDD
Valid date within fortnight
Serial No.
Num. (4)
 
Purpose Code
Char (5)
Purpose code starting with P/S (Part A/B of Annex I)
Country Code
Char (2)
SWIFT code
Currency Code
Char (3)
SWIFT code
Amount [in Foreign Currency (FC)]
Num. (15)
 
Date of Shipment
YYYYMMDD
 
LC
char (1)
1 for Yes; 0 for No
Country of Vostro a/c Holder
char (2)
SWIFT code
Country Code of ultimate exporter/importer
Char (2)
SWIFT Code

2. BANKCODE_QE.TXT for Cover Page Totals

Field
Format
Remarks
A.D. Code Char (7)  
Fortnight-end date YYYYMMDD  
Serial Number Num. (4)  
Purpose Code Char (5) As per Part C of Annex I
Country of Vostro A/c holder Char (2)  
Currency Char (3)  
Amount in Currency Num. (15)  
Return (Vostro/Nostro) Char (1) V for Vostro; N for Nostro
 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAAs
  • TIEAs
  • Limited Treaties
  • Other Treaties
  • Notifications
  • Circulars
  • Circulars (I-T Act, 1922)
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • Relevant Portion of I-T Act,1922
  • Relevant Portion of I-T Rules,1962
  • GAAR
  • MLI
  • Equalisation Levy
  • Draft Guidelines
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • DTC Bill
  • UN Model
  • Miscellaneous
  • OECD Conventions
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • Draft Notifications
  • Circulars
  • Instructions
  • Notifications
  • Relevant Sections of Act
  • TP Rules
  • Forms
  • Miscellaneous
  • APA Annual Report
  • APA Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • RBI Circulars
  • FDI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • Black Money Act
  • PMLA Notification
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • SEBI
  • Multimodal Transportation
  • Vienna Convention
  • NBFC Reports
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • Intellectual Property
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • CBR Act, 1963
  • MCA Circular
  • Book Review
  • Limitation Act
  • SSAs
  • EPFO
  • FAQs
  • Acts
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Types of Visa
  • Agreements
  • Arbitration
  • Model Text
  • Relevant Portion of I-T Act
  • Circulars
  • I-T Rules, 1962
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2019 Taxindiainternational.com Pvt.Ltd. All rights reserved.