Merchanting trade default reporting: AD banks must match transactions and file half yearly default statements within prescribed deadlines. Merchanting Trade Transactions require AD banks to perform one-to-one matching for each transaction and report defaults on Form MTT - Part IX (Annex VIII). AD banks must submit a half yearly statement of defaults for the periods ending 30 June and 31 December, to the concerned Regional Office within fifteen days of the close of each half year, including transaction parties, dates, export/import leg values in US dollars, foreign exchange outlay, and amounts realized, paid and outstanding.