Regulatory Alerts2014-02-27
Added · Updated
SD Circular No. 01: Allocation of new codes for invisible receipts and payments in foreign exchange reporting
The document allocates new codes in the Invisible Receipts (Code-5) and Invisible Payments (Code-7) chapters of the guideline titled 'Code lists for Reporting of external sector transactions by the authorized dealers' to facilitate separate reporting for specific foreign exchange transactions. Authorized Dealers are required to report drawings, principal repayments, and interest payments against discounting of direct/deemed export bills, import transactions under buyers’ credits/suppliers’ credits/approved external credits, and import-related freights, insurance, and other charges against CFR based imports using the newly allocated codes. The new codes and their explanatory notes are provided in Annexure-A and Annexure-B of the circular.
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