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of <h1>Banks Must Submit BEF Statements Online via XBRL for Remittances Over $100K, Effective June 2015, Per FEMA 1999.</h1> Authorised Dealer Category - I banks are now required to submit the BEF statement online using the Extensible Business Reporting Language (XBRL) system starting from the half year ending June 2015. This replaces the previous manual and branch-wise submission method. Banks must submit data in a single format for remittances exceeding USD 100,000 where importers have not provided necessary documentation within six months. The submission is due at the end of June and December each year. Banks must obtain login credentials by submitting a form via email by June 26, 2015. These instructions are issued under the Foreign Exchange Management Act, 1999.
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