FOREIGN EXCHANGE BUSINESS IMPORTANT RETURNS

D.K.SINGH

Half Yearly XOS & EBWStatement

Background
ADs under the jurisdiction of Regional Office of RBI New Delhi are statutorily required to submit half yearly statement of Export bills outstanding (XOS) as on close of half year ending on 30th June & 31st December every year. The statement is to be submitted within 15 days i.e. up to 15th Jan. & 15 July every year in terms of Para C.10(II) of AP( DIR Series) circular no.12 dated 9th Sep.2000. The statement is to be submitted to RBI in soft copy.

Foreign Exchange Department, R.B.I. New Delhi

7/8/2011

Guidelines
AD should ensure that all those GR/PP/SDF/softex forms which remain outstanding for more than 180 days from the date of shipment are included in respective XOS statement in respect of their invoices exceeding USD 25000/- . In case of status holder exporters / SEZ units, a remark to that effect should invariably made in the relevant remarks column in the XOS statement. The bills falling due before completion of six months from the date of shipment are not to be considered overdue for the purpose of XOS & therefore not to be reported in the current XOS statement.
Foreign Exchange Department, R.B.I. New Delhi 7/8/2011

Continued.
XOS data prepared by the AD bank branches should invariably be properly scrutinized before submission to RBI. In case of wrong reporting /wrong compilation of data, respective AD will be held responsible. If there is no data for reporting, a nil statement should be furnished to the regional office RBI in time. In case of exporter being a status holder/ SEZ/EOU units, the status as such must be indicated in the remarks column.

Foreign Exchange Department, R.B.I. New Delhi

7/8/2011

Continued
All the export bills outstanding beyond the six months from the date of export shipment should be reported in XOS statement as usual. However, where extension of time has been granted by the AD/RBI, the date up to which extension has been granted should be indicated in the remarks column. While compiling the statements by the ADs, the latest address of the exporter should be mentioned. It should be ensured that AD code of the bank branch & IE code of the exporter are correctly mentioned.

Foreign Exchange Department, R.B.I. New Delhi

7/8/2011

Continued.
While compiling XOS data, it should be ensured that the bills realized are deleted from the current statement & amount part realized during the intervening period are deducted. XOS statement should be prepared in the package as made available on the Banks website www.fema.rbi.org.in under electronic reporting system. The XOS statement prepared otherwise will not be accepted under any circumstances. EBW (export bill written off) statement as on date of XOS should also be submitted as per the prescribed Performa along with XOS statement. If there is no data, a nil statement should be furnished.
Foreign Exchange Department, R.B.I. New Delhi 7/8/2011

Instructions for sending XOS Data through e-mail

The e-mail should be addressed to exportecdnewdelhi@rbi.org.in . The subject line of the massage should contain the following words XOS Data. The file attached will be named as XOSADCODE.DBF e.g. if the AD code is 0123456, then the file attached will be named as XOS0123456.dbf. The message sent by the Authorized Dealer should insist for a Read Message from the receiver of the message. The read message may be taken on records as acknowledgement of the department. It is clarified that the acknowledgement will be for receipt of data only and not for correctness of the data.AD should make sure that the data submitted by him was found correct and has been accepted by RBI.

Foreign Exchange Department, R.B.I. New Delhi

7/8/2011

Continued.
The main text of the message will contain details such as XOS for the half year ended 30th June 2011, AD Name, AD Code and Address only. In case of any clarification in this regard, ADs may feel free to call Shri D.K.Singh, Assistant General Manager FED RBI New Delhi at 23720724 &/or Shri Alok Sharma Asst. Manager at 23452131.

Foreign Exchange Department, R.B.I. New Delhi

7/8/2011

Foreign Exchange Department, R.B.I. New Delhi

7/8/2011