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of <h1>RBI Mandates Monthly Reporting of Card Transactions by Banks Under FETERS Starting April 2021, Compliance Required by FEMA 1999.</h1> The Reserve Bank of India (RBI) has issued a circular to all Category-I Authorised Dealer Banks regarding the monthly reporting of international transactions using credit cards, debit cards, and Unified Payment Interface (UPI) under the Foreign Exchange Transactions Electronic Reporting System (FETERS). The new return, termed 'FETERS-Cards', requires detailed transaction data, including merchant category codes, to be submitted via the RBI web-portal. Reporting must occur within seven working days after the month's end, starting from transactions in April 2021. These instructions are under the Foreign Exchange Management Act, 1999, and require compliance without affecting other legal permissions.
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