Reporting of Foreign Exchange Transactions to Trade Repository

The Reserve Bank of India is expanding reporting requirements for foreign exchange transactions. Starting February 10, 2025, authorized dealers must report all spot deals, including Cash and TOM transactions, to the Clearing Corporation of India’s trade repository.

 “To ensure completeness of transaction data in TR for all foreign exchange instruments, it has been decided to expand the reporting requirement to include foreign exchange spot (including value cash and value tom) deals in a phased manner,” RBI said.

Accordingly, transactions in the following foreign exchange contracts, involving INR or otherwise, (hereinafter referred to as “FX contracts”) shall now be reported to the TR:

Foreign exchange cash;

Foreign exchange tom; and

Foreign exchange spot

However, money-changing transactions are not in the scope of the latest directions.

The RBI also said there would be no requirement to match transactions with overseas counterparties and client transactions in the TR as the overseas counterparties and clients are not required to report/confirm the transaction details.

“Authorised Dealer shall ensure that outstanding balances between their books and the TR are reconciled and subjected to concurrent audit on an ongoing basis”, it said.

The reporting formats shall be as indicated by CCIL with the prior approval of the Reserve Bank.