Daily Quiz Question
An AD bank has opened an SRVA for an overseas correspondent bank. While processing transactions, the bank asks whether there are any additional reporting requirements under FEMA and whether SRVA details should be shared with FEDAI. Which statement is correct?
Documentation and reporting requirements under FEMA are dispensed with for SRVA transactions
Reporting is required only for export transactions
Documentation and reporting shall follow extant FEMA guidelines, and details of SRVAs shall be updated periodically in the SRVA Directory published by FEDAI
SRVA details should be reported only to RBI and not to FEDAI