RBI includes spot deals to expand forex transactions reporting requirements

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The story "RBI includes spot deals to expand forex transactions reporting requirements" was covered 2 weeks ago by Business Standard, a news publisher based in India.

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RBI includes spot deals to expand forex transactions reporting requirements - Business Standard

Quick Summary:

The Reserve Bank on Friday said it has decided to expand the reporting requirement of forex transactions and include foreign exchange spot deals to ensure completeness of transaction data in the trade repository (TR) of the Clearing Corporation of India.

Currently, authorised dealers 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 to the TR of Clearing Corporation of India Limited (CCIL).

"To ensure completeness of transaction data in TR for all foreign exchange instruments, it has been decided to expand the reporting requirement to include foreign exchange spot (including value cash and value TOM) deals in a phased manner," the Reserve Bank of India (RBI) said in a circular.