RBI Implements CIMS Project and Discontinues XBRL mode:

RBI Implements CIMS Project and Discontinues XBRL mode The Reserve Bank of India (RBI) has implemented the CIMS Project and Discontinuation of Submission in Legacy XBRL. Attention is invited to A.P. (DIR Series) Circular No. 103 dated April 03, 2012, and A.P. (DIR Series) Circular No. 130 dated September 15, 2014, both of which required AD Category-I banks to submit the following statements on the XBRL site. (i) A semi-annual statement (end March/end September) detailing the quantity and value of gold imported by the nominated banks/ agencies/ EOUs/ SEZs in the Gem and Jewellery sector, as well as the manner of payment. (ii) A monthly statement indicating the quantity and value of gold imports by nominated agencies (other than nominated banks)/EOUs/SEZs in the Gem and Jewellery sector during the month under report, as well as the cumulative position as of the end of the said month, starting with the first month of the financial year. With effect from December 26, 2023, it has been decided to terminate the submission of the return via the XBRL system and transition to the Centralised Information Management System (CIMS), the bank's new data warehouse for data collection. AD Category-I banks have already been included in the CIMS portal and are currently submitting returns on both the XBRL site and the CIMS portal. The returns have been labelled 'Import of gold by EOUs, units in SEZ/EPZ, and nominated agencies (M)' and 'Import of gold by EOUs, units in SEZ/ EPZ, and nominated agencies (HY)' on the CIMS portal, with return codes 'R132' and 'R133', respectively. As a result, beginning December 26, 2023, AD Category-I banks must upload the two statements indicated in paragraphs 1(i) and (ii) to the CIMS site. If no data is to be provided, AD Category-I banks must upload a 'NIL' report. The instructions in this circular have been issued under Sections 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999), and are without prejudice to any permissions/ approvals required under other laws.