RBI/2016-17/232
FMRD.DIRD.13/14.01.019/2016-17
February
16, 2017
To,
All Market Participants
Madam/Sir,
Forward Rate Agreement (FRA) and
Interest Rate Swap (IRS) - Withdrawal of Fortnightly return
Attention is invited to the RBI notification ref. no.
MPD.BC.187/07.01.279/1999-2000 dated July 07, 1999. As per the
notification, banks were advised to submit a fortnightly return on FRA/IRS
to Monetary Policy Department with a copy to various RBI departments.
2. In a further step towards
rationalization of returns it has been decided to withdraw the said return
with immediate effect. The banks are hereby advised to stop sending the
hardcopy of the said return to RBI.
3. The existing procedure for
reporting OTC Foreign exchange and Interest Rate Derivative transactions to
the trade repository hosted by CCIL as laid down in our circular no.
FMD.MSRG.No.67/02.05.002/2011-12 dated March 09, 2012 (as
amended from time to time) shall continue.
4. The directions contained in
this circular have been issued by RBI in exercise of its powers conferred
under section 45W of the Reserve Bank of India Act, 1934 and of all the
powers enabling it in this behalf.
(T.
Rabi Sankar)
Chief General Manager
|