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July 2015

A. P. (DIR Series) Circular No. 110 dated June 18, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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BEF statement – Submission under XBR L

This circular has made the following two amendments with regards to submission of BEF Statement: –

1. With effect from the half year ending June 2015, BEF has to be submitted online and Bank-wise (instead of the present system of branch-wise submission) to the respective Regional Offices of RBI.

2. Banks have to submit data in a single format giving details of all remittances for import exceeding USD 100,000, as on end of June and December of every year, in respect of which importers have defaulted in submission of appropriate document evidencing import within 6 months from the date of remittance.

Details of the same can be accessed at https://secweb. rbi.org.in/orfsxbrl/. The formats for the same are also Annexed to this Circular.

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