Tag Archives: XBRL

reporting of LRS remittances

RBI has mandated vide its circular dated 17th June, 2021 that all reporting by banks in respect of remittances under liberalised remittance scheme should be done in XBRL format from July 2021 onwards.

Its a monthly return to be submitted by the 5th of the succeeding month and captures figures of no. of applications under the LRS scheme and amount remitted.

The XBRL site for this purpose can be accessed at  https://xbrl.rbi.org.in/orfsxbrl

In case there is no remittances, then NIL report should be submitted.

This is what gets my goat, India is a return friendly country, for every tom dick and harry government department wants multiple returns and forms to be submitted and NIL in case there is no data for that particular month. I don’t understand why they want NIL returns also to be submitted, can it not be presumed to be NIL in case the return is not filed, why specifically and NIL return to be filed.

I guess returns and forms is the way the government controls our activities to ensure that the businesses do not stray from the line of compliance. In some jurisdictions, there are forms like 15CA, 15CB where apart from the multiple returns for any ridiculous rule, there are CA certificates also insisted. Like that we have BB, CC, DD ZZ files and returns to be submitted. Damn!!

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Hedging report

RBI circular dated 15th January 2020 stipulating report to RBI in respect of hedging of commodity price risk and freight risk in overseas markets will now be made in XBRL format instead of excel mode as was stipulated earlier.

https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11789&Mode=0

Please refer to Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 (Notification No. FEMA 25/RB-2000 dated May 3, 2000), as amended from time to time, and Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions, 2018 (issued vide A.P. (DIR Series) Circular No. 19 dated March 12, 2018).

2. Para 10 of the Directions ibid shall be substituted with following:

“10. Report to Reserve Bank – Banks shall submit a quarterly report to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India through Extensible Business Reporting Language (XBRL) accessible at https://xbrl.rbi.org.in/orfsxbrl/ in the format provided in Annexure I. In case of no transactions, a “Nil” report shall be submitted by the bank.”

3. 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.

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XBRL Rules, 2015

Ministry of corporate affairs has released the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 superceding the 2011 Rules on the same subject.

The coverage of companies to be covered by XBRL rules is the same as in the 2011 Rules i.e.

(i) all companies listed with any Stock Exchange(s) in India and their lndian subsidiaries;

or (ii) all companies having paid up capital of rupees five crote or above;

(iii) all companies having turnover of rupees hundred crore or above; or

(iv) all companies which were hitherto covered under the Companies (Filing ot l)ocuments and Forms in Extensible Business Reporting Language) Rules, 2011:

New form specified for the purpose is AOC-4 XBRL

Companies in Banking, Insurance, Power Sector and Non Banking Financial Companies are exempted from filing documents under the XBRL Rules.

Cost Audit Report is also required to be filed in the XBRL Format in the appropriate form i.e. CRA-4.

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