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Maintenance of CRR/SLR on Foreign Currency Assets/Liabilities- Reference rate for INR/USD and exchange rate of other major currencies- (Reserve Bank of India) (02 Aug 2018)

MANU/RMIC/0076/2018

Banking

Please refer to our circular DBOD.No.Ret.BC.113/12.01.001/2011-12 dated June 29, 2012 on Maintenance of CRR on FCNR(B) Scheme advising banks to be guided by the reference rate announced on the Reserve Bank's website for converting foreign assets/deposits into INR for reporting in Form 'A' Return.

2. Financial Benchmarks India Private Limited (FBIL) has taken over the process of computing and disseminating reference rate for INR/USD and exchange rate for the other major currencies with effect from July 10, 2018.

3. In this connection, we advise that banks shall use the conversion rate announced by FBIL for the purpose of converting foreign assets/liabilities for reporting in Form 'A' return and Form VIII return. The change is to brought into effect from the reporting fortnight ending July 20, 2018.

4. As regards conversion of assets/liabilities in other currencies, for which reference rate is not available from FBIL, banks may continue to use New York closing rate pertaining to the day end of the Reporting Friday, for converting such currencies into USD. Banks may use the reference rate of FBIL for USD/INR of the same day for conversion into INR.

Tags : MAINTENANCE   CRR/SLR   FOREIGN CURRENCY ASSETS   LIABILITIES  

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