RBI includes spot deals to expand forex reporting requirements
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).
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«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.
Accordingly, transactions in foreign exchange cash; foreign exchange tom; and foreign exchange spot, involving the rupee or otherwise shall now be reported to the TR, it said.
However, money-changing transactions are not in the scope of the latest directions.
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