The new reporting requirements are aimed at ensuring the RBI has a more complete view of the FX market for monitoring and regulatory purposes.
The Reserve Bank of India (RBI) has amended its reporting requirements for foreign exchange transactions, seeking to ensure more complete transaction data is available in Clearing Corporation of India Limited’s (CCIL) trade repository.
So far, only OTC FX derivatives and FX interest rate derivatives were reported. In a circular on Friday (8 November), the RBI said foreign exchange spot deals (including value cash and value tom) must also be reported to the trade repository.
The new reporting requirements, aimed at ensuring the RBI has a more complete view of the FX market for monitoring and regulatory purposes, will be rolled out in phases.
From 10 February 2025, inter-bank FX contracts involving INR must be reported in hourly batches within 30 minutes from completion of the hour. If execution takes place with less than 60 minutes before the trade repository closes, the transaction should be reported by 10am the following business day.
Inter-bank FX contracts not involving INR executed up to 5pm on any given day should be reported by 5.30pm of that day. Such contracts executed after 5pm should be reported by 10am the following business day.
From 12 May 2025, FX contracts executed with clients worth USD 1 million or more must be reported by authorised dealers before 12 noon of the following business day.
From 10 November 2025, FX contracts executed with clients worth USD 50,000 or more must be reported.