(i)Unless specifically indicated otherwise, all returns/statements should be submitted to the office of Reserve Bank under whose jurisdiction the concerned office/branch of authorised dealer is situated. If in any period, there are no transactions to report, the NIL position may be advised by letter within the prescribed period. Authorised dealers should ensure that the returns and statements submitted to Reserve Bank reflect correctly and completely all the relevant transactions undertaken by them during the relevant period and all the supporting forms have been correctly filled up and annexed.

(ii)Section 73A of FERA 1973 empowers Reserve Bank to impose fine on an authorised dealer for contravention of Reserve Banks directions or for failure to file returns as specified by Reserve Bank. Reserve Bank will, therefore, take a serious view of the failure of any branch of an authorised dealer to furnish returns and statements regularly or promptly as well as of any irregularities detected in their compilation and where it deems fit, it may impose financial penalty as provided in Section 73A of FERA 1973 or even direct the authorised dealer concerned to refrain from transacting foreign exchange business at the branch concerned.