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of <h1>RBI Allows Banks to Submit Consolidated R-Returns for Forex Transactions; Branch-Wise Submissions to Phase Out.</h1> The circular issued by the Reserve Bank of India outlines new guidelines for Authorised Dealer Category I banks regarding the submission of R-Returns, which detail foreign exchange transactions. Banks now have the option to submit a consolidated bank-wide R-Return instead of separate branch-wise returns, effective from November 2006. This change aims to provide greater flexibility and will eventually phase out branch-wise submissions. Banks are urged to ensure accurate and timely submissions to avoid penalties under FEMA 1999. The circular also details the responsibilities and procedures for banks opting for the consolidated reporting system.
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