Regulatory Alerts2017-04-06
Added · Updated
FEPD Circular Letter No. 02: Reporting Transactions in International Cards
Authorized Dealers must report foreign exchange transactions conducted through international cards using the International Card Monitoring System online platform. Monthly statements are no longer submitted under GFET 2009 appendices 5/87 and 5/89; instead, dealers must use the format in Annex-1. For the Statistics Department, Card divisions must prepare consolidated purpose-wise and country-wise reports using specific schedules and the Rationalized Input Template, while branches reflect these as adjustments in summary statements. These instructions come into force immediately pursuant to section 20(3) of the Foreign Exchange Regulation Act, 1947.
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