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!!
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.
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 athttps://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.