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of <h1>Banks Must Shift to Online Reporting for Trade Credit Guarantees via XBRL by September 30, 2013, per FEMA Act 1999.</h1> The circular informs Category-I Authorized Dealer banks about the shift from manual to online submission of data regarding the issuance of Guarantees, Letters of Undertaking (LoUs), and Letters of Comfort (LoCs) for trade credits on imports into India. Effective from the quarter ending September 30, 2013, banks must use the eXtensible Business Reporting Language (XBRL) platform for reporting. The manual submission method is discontinued, and all data should be submitted online by the 10th of the following month. This directive is issued under the Foreign Exchange Management Act, 1999, and banks are required to inform their clients accordingly.
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