NON-RESIDENT DEPOSITS – DISCONTINUATION OF SUBMISSION OF STAT 5 AND STAT 8 RETURNS
A.P (DIR SERIES 2015-16) CIRCULAR NO. 85, DATED 18-3-2015
Attention of banks maintaining Non-Resident Deposits (NRD) Accounts is invited to A.P. (DIR Series) Circular No. 4 dated July 12, 2012 and A.P. (DIR Series) Circular No. 19 dated August 7, 2013 regarding submission of Stat 5 and Stat 8 Returns and moving the NRD-CSR reporting to XBRL platform.
2. As banks’ submission of NRD-CSR data in XBRL platform has stabilised, it has been decided to discontinue the submission of Stat 5 and Stat 8 Returns from March 2015. Accordingly banks, dealing in foreign exchange may stop sending Stat 5 and Stat 8 Returns (both hard and soft copies) to the Department of Statistics and Information Management, Reserve Bank of India.
3. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.