The Chairperson / CEOs of all
Scheduled and Non- Scheduled Banks
Maintenance of CRR/SLR on
Foreign Currency Assets/Liabilities– Reference rate for INR/USD and
exchange rate of other major currencies.
Please refer to our circular DBOD.No.Ret.BC.113/12.01.001/2011-12 dated June
29, 2012 on Maintenance of CRR on FCNR(B) Scheme advising banks
to be guided by the reference rate announced on the Reserve Bank’s website
for converting foreign assets/deposits into INR for reporting in Form ‘A’
2. Financial Benchmarks India
Private Limited (FBIL) has taken over the process of computing and
disseminating reference rate for INR/USD and exchange rate for the other
major currencies with effect from July 10, 2018.
3. In this connection, we advise
that banks shall use the conversion rate announced by FBIL for the purpose
of converting foreign assets/liabilities for reporting in Form ‘A’ return
and Form VIII return. The change is to brought into effect from the
reporting fortnight ending July 20, 2018.
4. As regards conversion of
assets/liabilities in other currencies, for which reference rate is not
available from FBIL, banks may continue to use New York closing rate
pertaining to the day end of the Reporting Friday, for converting such
currencies into USD. Banks may use the reference rate of FBIL for USD/INR
of the same day for conversion into INR.
Chief General Manager