173 REPORTS

173 REPORTS

Banks shall submit to the appropriate supervising department of the Bangko Sentral all their statements and/or periodic reports listed in Appendix 7 in such frequency and deadlines indicated therein. In the preparation of said statements/reports, banks shall use and strictly follow the forms prescribed by the Bangko Sentral.

In line with the policy direction of R.A. No. 8792 (E-Commerce Act), the Bangko Sentral is strongly encouraging banks to submit their regular reports to the Bangko Sentral in electronic form.

However, the Bangko Sentral cannot presently guarantee the security/confidentiality of data in the course of electronically transmitting reports to Bangko Sentral. Bangko Sentral recommends that sensitive or confidential information be provided by ordinary post or courier. The Bangko Sentral will accept no responsibility for electronic messages/reports/information that may be hacked or cracked, intercepted, copied or disclosed outside Bangko Sentral’s information system.

Categories and signatories of bank reports.

a. Categories of reports. Reports required to be submitted to the Bangko Sentral by banks are grouped into Category A-1, Category A-2, Category A-3 and Category B reports as indicated in Appendix 7.

b. Authorized signatories

(1) Category A-1 reports shall be signed by the bank’s chief executive officer or, in his absence, by the executive vice president, and by the comptroller or, in his absence, by the chief accountant, or officers holding equivalent positions.

(2) Category A-2 reports shall be signed by the president, executive vice president, vice president or by an officer holding equivalent position.

(3) Category A-3 and Category B reports shall be signed by officers or their alternates, duly designated by the board of directors.

The designated signatories of Categories A-1, A-2, A-3 and B reports including their specimen signatures shall be contained in a resolution approved by the board of directors. A copy of the board resolution covering the initial designation and subsequent change(s) in signatories as well as specimen signatures of the signatories and alternates, shall be made available for inspection by Bangko Sentral examiners and submitted to the Bangko Sentral upon request of the appropriate supervising department of the Bangko Sentral.

(4) Reports in computer media that are submitted by banks shall be subject to the same requirements regarding authorized signatories.

(5) Any report submitted to the Bangko Sentral that is signed by an officer who is not listed or included in any of the resolutions mentioned above, shall be considered as not having been submitted at all.

(6) All authorized agent banks shall submit to the Director, Branch Operations, Bangko Sentral, the updated specimen signatures of senior bank officers in their respective head offices who are authorized to authenticate the signatures of their provincial branch officers transacting business with the Bangko Sentral Regional Offices/Branches.

The Bangko Sentral Branch Operations shall be advised of any changes in authorized branch signatories, as well as authenticating head office senior officers.

c. Deadline for submission of reports

(1) Regular reports. Unless otherwise specified, the deadlines for submission of reports enumerated in Appendix 7, shall be reckoned on the basis of banking days. For this purpose, banking days shall be understood to mean Monday through Friday or banking days of the Bangko Sentral.

(2) Call Reports. The deadline of submission of call reports shall be specified in the letter calling for the report.

Submission of certain required information.

a. Banks shall submit to the appropriate supervising department of the Bangko Sentral the following:

(1) Information on bank’s profile required in Appendix 8. Any change in any of the required information submitted, after the initial submission, shall be reported to the said department immediately.

(2) Any or all of the documents/information on bank’s organization structure and operational policies enumerated in Appendix 9. Any subsequent change/issuance should be furnished the department within fifteen (15) banking days from such change/issuance.

b. Banks registered with SEC to act as broker, dealer or transfer agent pursuant to Sections 28 and 39 of R.A. No. 8799 and SRC Rules 28.1 and 36.4 and those accredited by DOF-BTr as GSEDs pursuant to DOF Department Order No. 20-10, shall submit to the appropriate supervising department of the Bangko Sentral not later than December 15 every year, the following reports:

(1) List of bank personnel acting as salesmen or associated persons;

(2) List of licenses granted by SEC and/or DOF-BTr (as broker, dealer, broker-dealer, GSED and/or transfer agent); and

(3) Notarized certification stating that the lists submitted pursuant to Items “b(1)” and “b(2)” of this Section on Submission of certain required information are complete and accurate lists and that the personnel acting as salesmen or associated persons are duly licensed/authorized by the SEC to act as such.

The notarized certification shall be signed by the president or officer of equivalent rank.

c. Sanctions. The following sanctions shall be imposed on the bank and/or its concerned officers for violations of Item “b”, of this Section on Submission of certain required information:

(1) On the bank

(a) For willful delay to submit the documents required under Item “b” of this Section on Submission of certain required information. A bank failing to submit the required reports which shall be classified as a Category A-2 report, within the prescribed deadline, shall be subject to monetary penalties applicable for delayed reporting under existing regulations.

(b) For the willful making of a false/misleading statement in the documents required under Item “b” of this Section on Submission of certain required information. A bank which has been found to have willfully made a false or misleading statement in the documents required under Item “b” of this Section on Submission of certain required information shall be subject to the appropriate monetary penalties under Sec. 1102. The willful making of a false or misleading statement shall be reckoned on a daily basis from the day following the due date of the said certification until such time that an amended or corrected document has been submitted to the Bangko Sentral.

(2) On the concerned officer

(a) For willful non-compliance. The concerned officer/s of the bank who willfully fail/refuse to comply with the provisions of Item “b” of this Section on Submission of certain required information shall be subject to the appropriate monetary penalties under Sec. 1102.

(b) For false/misleading statements. The concerned officers which have been found to have willfully falsely certified or willfully submitted misleading statements in the certification and/or in the list of bank personnel required to be submitted under Items “b(1)” and “b(2)” of this Section on Submission of certain required information, shall be subject to the appropriate monetary penalties under Sec. 1102, which shall be reckoned on a daily basis from the day following the due date of the said certification/list until such time that an amended or corrected certification and/or list of bank personnel have been submitted to the Bangko Sentral.

The imposition of the above sanctions is without prejudice to the filing of appropriate criminal charges against the culpable persons as provided under Section 35 of R.A. No. 7653 for the willful making of a false/misleading statement.

Submission of certain required information by UBs.

a. UBs registered with the SEC as Underwriters pursuant to P.D. No. 129 (The Investment Houses Law), R.A. No. 8791 (The General Banking Law), R.A. No. 8799 (The Securities Regulations Code) and the Omnibus Rules and Regulations for Investment Houses and UBs registered as Underwriters of Securities shall submit to the appropriate supervising department of the Bangko Sentral not later than December 15 every year, the following reports:

(1) List of bank personnel performing underwriting functions; and

(2) Notarized certification stating that the list submitted pursuant to Item “a(1)” of this Section on Submission of certain required information by UBs is a complete and accurate list and that the personnel performing underwriting functions are duly licensed/authorized by the SEC to perform such functions.

The notarized certification shall be signed by the president or officer of equivalent rank.

b. Sanctions. The following sanctions shall be imposed on the bank and/or its concerned officers for violations of this Section on Submission of certain required information by UBs:

(1) On the bank

(a) For willful delay to submit the documents required under Item “a” of this Section on Submission of certain required information by UBs. A bank failing to submit the required reports which shall be classified as a Category A-2 report, within the prescribed deadline, shall be subject to monetary penalties applicable for delayed reporting under existing regulations.

(b) For the willful making of a false/misleading statement in the documents required under Item “a” of this Section on Submission of certain required information by UBs. A bank which has been found to have willfully made a false or misleading statement in the documents required under Item “a” of this Section on Submission of certain required information by UBs shall be subject to the appropriate monetary penalties under Sec. 1102. The willful making of a false or misleading statement shall be reckoned on a daily basis from the day following the due date of the said certification until such time that an amended or corrected document has been submitted to the Bangko Sentral.

(2) On the concerned officer

(a) For willful non-compliance. The concerned officer/s of the bank who willfully fail/refuse to comply with the provisions of this Subsection shall be subject to the appropriate monetary penalties under Sec. 1102.

(b) For false/misleading statements. The concerned officers which have been found to have willfully falsely certified or willfully submitted misleading statements in the certification and/or in the list of bank personnel required under Item “a” of this Section (Submission of certain required information by UBs), shall be subject to the appropriate monetary penalties under Sec. 1102, which shall be reckoned on a daily basis from the day following the due date of the said certification/list until such time that an amended or corrected certification and/or list of bank personnel have been submitted to the Bangko Sentral.

The imposition of the above sanctions is without prejudice to the filing of appropriate criminal charges against the culpable persons as provided under Section 35 of R.A. No. 7653 for the willful making of a false/misleading statement.

Report on crimes/losses. Banks shall report on the following matters to the appropriate supervising department of the Bangko Sentral.

a. Crimes whether consummated, frustrated or attempted against property/facilities (such as robbery, theft, swindling or estafa, forgery and other deceits) and other crimes involving loss/destruction of bank property when the amount involved, in each crime is P20,000 or more.

Crimes involving bank personnel, regardless of whether or not such crimes involve the loss/destruction of bank property, even if the amount involved is less than P20,000, shall likewise be reported to the Bangko Sentral.

b. Incidents involving material loss, destruction or damage to the bank’s property/facilities, other than arising from a crime, when the amount involved per incident is P100,000 or more.

c. Definition of terms. For the purpose of this regulation, the following definitions shall apply:

(1) Estafa –a crime committed by a person who defrauds another causing the latter to suffer damage by means of any of the following:

(a) unfaithfulness or abuse of confidence;

(b) false pretense; or

(c) fraudulent acts/means, under Articles 315 to 317 of the Revised Penal Code, as amended.

(2) Theft – a crime committed by a person who, with intent to gain but without violence against or intimidation of persons nor force upon things, shall take personal property of another without the latter’s consent pursuant to Article 308 and other pertinent provisions of Chapter III, Title X of the Revised Penal Code, as amended.

(3) Robbery – a crime committed by a person who, with intent to gain, shall take any personal property belonging to another, by means of violence against or intimidation of any person, or using force upon anything pursuant to Article 295 and other pertinent provisions of Chapter 1, Title X of the Revised Penal Code, as amended.

(4) Falsification – a crime committed by a person who falsifies a document by:

(a) Counterfeiting or imitating any handwriting, signature or rubric;

(b) Causing it to appear that persons have participated in any act or proceeding when they did not in fact so participate;

(c) Attributing to persons who have participated in an act or proceeding statements other than those in fact made by them;

(d) Making untruthful statements in a narration of facts;

(e) Altering true dates;

(f) Making any alteration or intercalation in a genuine document which changes its meaning;

(g) Issuing in an authenticated form a document purporting to be a copy of an original document when no such original exists, or including in such a copy a statement contrary to, or different from, that of the genuine original; or

(h) Intercalating any instrument or note relative to the issuance thereof in a protocol, registry, or official book and other acts falling under Articles 169, 171 and 172 of the Revised Penal Code, as amended.

(5) Credit-card related crimes – crimes arising through the use of credit cards.

(6) Other crimes that may cause loss to the bank – crimes committed that cannot be appropriately classified under any of the above classifications.

(7) Negligence – the failure to exercise the care which an ordinarily prudent person would use under the circumstances in the discharge of the duty then resting upon him (People v. Aguilar, 2899-R, 18 October 1949).

(8) Non-crime related loss – Incidents that may cause the bank to suffer a loss arising from fortuitous events.

(9) Insider – person involved include stockholders, directors, officers and employees of the bank.

(10) Outsider – persons involved other than an insider.

(11) Perpetrator – a person, whether an insider or outsider, who is responsible for the commission of crime either by direct participation, inducement or cooperation, including accomplices and accessories as defined under Articles 18 and 19 of the Revised Penal Code, as amended.

(12) Victim – an insider or outsider other than the perpetrator, who is the aggrieved party to the crime and may as a result of the incident, suffered the loss.

(13) Attempted crime – a crime is attempted when the perpetrator commences the commission of the crime directly by overt acts but does not perform all of the acts of execution which constitute the crime by reason of some cause or act other than his own voluntary desistance under Article 6 of the Revised Penal Code, as amended.

(14) Frustrated crime – a crime is classified as frustrated, when the perpetrator performs all the acts of execution which should produce the crime as a consequence but which, nevertheless, do not produce it by reason of causes independent of the will of the perpetrator under Article 6 of the Revised Penal Code, as amended.

(15) Consummated crime – a crime is consummated when all the acts of execution which constitute the crime was performed. As a result, the bank may have suffered a loss, the recoverable portion of which should be deducted to arrive at the probable loss incurred by the bank.

(16) Termination of the investigation – an investigation is said to be terminated when all the material facts/information which are sufficient to support a conclusion relative to the matters involved have already been gathered and a finding/conclusion may be made based on the gathered information.

d. The following guidelines shall be observed in the preparation and submission of the report:

(1) The Branch or Head Office unit’s Report on Crimes and Losses (RCL), as listed in Appendix 7, shall be submitted electronically to the appropriate supervising department of the Bangko Sentral within ten (10) calendar days from knowledge of the crime/incident;

(2) The RCL shall be submitted through the bank’s head office unit and shall be certified correct by the compliance officer.

(3) Where a thorough investigation and evaluation of facts is necessary to complete the report, an initial report electronically submitted within the said deadline of ten (10) calendar days may be accepted: Provided, That a complete report is electronically submitted not later than twenty (20) calendar days from the termination of the investigation.

Moreover, an RCL considered as erroneous/delayed/erroneous and delayed/unsubmitted shall be subject to the penalties for Category B reports under Sec. 171 (Sanctions on Reports for Non-compliance with the reporting standards) but will not form part of the computation of demerit points of BSFIs for purposes of determining habituality.

Reconciliation of head office and branch transactions. Banks shall prepare reconciliation statements covering transactions between the head office and all its branches within thirty (30) banking days after the end of each month.

The reconciliation statement shall be made available for inspection by Bangko Sentral examiners and submitted to the Bangko Sentral upon request of the appropriate supervising department of the Bangko Sentral.

List of stockholders and their stockholdings.

a. Banks shall submit to the appropriate supervising department of the Bangko Sentral annually a complete list of stockholders and their stockholdings in the prescribed form within the deadline indicated in Appendix 7.

b. Any change in the list shall also be reported to the said department in such frequency and within the deadline indicated in Appendix 7, indicating the name(s) and/or stockholdings involved which is/are to be cancelled or replaced, and the new name(s) and/or stockholdings which shall be included for that quarter. In case no change occurred during a particular quarter, the report shall provide a notation, viz “no change(s) since last report submitted for quarter ended, ______ __, 20__ ”.

Bangko Sentral offices, where reports are submitted. Submission of Bangko Sentral periodic or call reports shall be as follows:

a. All banking offices shall submit the required reports in accordance with Appendix 7 to the Bangko Sentral, Manila or to the nearest Bangko Sentral Regional Offices: Provided, That the head office of a bank may submit to the appropriate supervising department of the Bangko Sentral in electronic form the batched copy of all its banking units’ Quarterly Statement of Condition and Statement of Income and Expenses by Banking Unit in behalf of its branches and other offices;

b. Where a particular report form calls for distribution of copies to other departments of the Bangko Sentral, the bank concerned shall furnish said copies of the report directly to the respective departments of the Bangko Sentral; and

c. As an exception to Item “a” above, the duplicate copy of the bio-data for directors/officers shall be submitted to the appropriate supervising department of the Bangko Sentral.

Consolidated financial statements of banks and their subsidiaries engaged in financial allied undertakings. Banks shall submit after the end of the calendar year or the end of the fiscal year adopted by the bank their consolidated financial statements and supported by the individual annual financial statements of their subsidiaries engaged in financial allied undertakings.

For purposes of preparing consolidated financial statements, the provisions of Sec. 172 (Philippine Financial Reporting Standards/Philippine Accounting Standards, preparation of consolidated financial statements) shall apply.

The consolidated financial statements and the supporting individual financial statements of their subsidiaries shall be submitted to the appropriate supervising department of the Bangko Sentral within the deadline indicated in Appendix 7.

Reports required of foreign subsidiaries/affiliates/banking offices or non-bank entities of domestic banks. The submission of periodic reports of a foreign subsidiary/affiliate/banking offices or non-bank entities of domestic banks shall be governed by the following rules:

a. For foreign subsidiaries/affiliates of domestic banks, the local investor-bank(s) concerned shall regularly submit to the appropriate supervising department of the Bangko Sentral a quarterly statement of condition and quarterly/annual report of income and expenses concerning the operations of the foreign subsidiaries/affiliates, including such other periodic reports which may be required from time to time in the forms prescribed by the Bangko Sentral for domestic financial intermediaries to the extent that their operations are applicable;

b. For foreign subsidiaries/affiliates of domestic banks, the appropriate supervising department of the Bangko Sentral shall be furnished by said domestic banks copies of the annual report prescribed by any of the supervisory/regulatory authorities in the country of operations;

c. When material changes noted in the annual financial statements warrant an interim comprehensive evaluation, the foreign affiliate concerned shall be requested to submit to the appropriate supervising department of the Bangko Sentral, through its domestic investor-bank, copies of its quarter/interim reports to stockholders or the call reports in the case of U.S. banks;

d. Audited financial statements (AFS) of the foreign banking offices and subsidiaries; and

e. Examination reports done by the foreign bank supervisory authority.

The submission of the documents in Items “d” and “e” to Bangko Sentral shall not be later than thirty (30) banking days from date of submission/release of said reports to the foreign banking offices and subsidiaries of Philippine banks. Material findings, if any, contained in said reports should be highlighted.

f. For purpose of this Section, affiliate shall refer to an entity linked directly or indirectly to a bank by means of:

(1) Ownership, control as defined under Sec. 131 (Policy statement and definition of terms), or power to vote, of at least twenty percent (20%) of the outstanding voting stock of the borrowing entity, or vice-versa;

(2) Interlocking directorship or officership, where the concerned director or officer owns; controls, as defined under Sec. 131 (Policy statement and definition of terms); or has the power to vote of at least twenty percent (20%) of the outstanding voting stock of the borrowing entity;

(3) Common stockholders owning at least ten percent (10%) of the outstanding voting stock of the bank and at least twenty percent (20%) of the outstanding voting stock of the borrowing entity;

(4) Management contract or any arrangement granting power to the bank to direct or cause the direction of management and policies of the borrowing entity; or

(5) Permanent proxy or voting trusts in favor of the bank constituting at least twenty percent (20%) of the outstanding voting stock of the borrowing entity, or vice-versa.

For purposes of this Manual, the above definition of affiliate shall be adopted except where the provision of the regulation expressly states otherwise.

Report on cross-border financial positions. The Report on Cross-Border Financial Positions is designed to measure and monitor the cross-border financial claims and liabilities of UBs and KBs and their subsidiary TBs to provide the Bangko Sentral with a comprehensive view of potential financial risks and transmission channels emanating from foreign counterparties of Philippines banks.

All UBs/KBs and their subsidiary TBs shall submit the Report on Cross-Border Financial Positions on a solo basis in accordance with the Guidelines on the completion of the Report in Appendix 109.

This report shall be considered Category B report.

Additional reports from UBs/KBs.

a. Volume and weighted average interest rates of deposits and loans. Data on the volume of transactions and weighted average interest rates of certificates of time deposits and secured/unsecured loans granted, classified by maturity, and outstanding savings deposits classified by interest rates, shall be prepared daily (except data on savings deposits which shall be prepared weekly) and submitted weekly by all head offices of UBs/KBs to the Department of Economic Research of the Bangko Sentral not later than 4:00 PM on Thursday after end of reference week.

b. Short-term prime rates. All UBs and KBs shall submit in the prescribed form a report on the volume and interest rates on credit line availments under enum-term prime rates in such frequency and within the deadline indicated in Appendix 7.

c. Foreign Exchange Position Report. Banks may be allowed to submit on a weekly basis the notarized certification signed by the bank’s president/CEO/country manager and the treasurer to cover the daily hard copies of Schedule 13, FX Form I and CFXPR pertaining to each day of the week. Delayed submission of the notarized certification shall be subject to monetary penalty, as follows:

 Daily Penalty
 1st banking day of delay P6,000 (equivalent P1,200 per day for five report dates covered by the certification on the assumption that the five (5) weekdays of the reference week are all banking days)
 2nd banking day of delay and onwards  P1,200 per day

Reports of strikes and lockouts. Banks through their president or chief executive officer shall immediately apprise the Deputy Governor of the appropriate sector of the Bangko Sentral on the status of strikes/lockouts involving their banks, if unsettled after seven (7) calendar days. The bank shall disclose the following pertinent information on the strike/lockout:

a. Cause of the strike/lockout and bank management’s position on its legality; and

b. Bank operations affected.

Banks shall submit said notarized contracts/agreements within fifteen (15) banking days from the date of meeting of the board of directors approving said contracts/agreements.

Said notarized contracts/agreements shall be considered Category A-3 reports. Submission of said reports shall become effective starting with the reporting period ended 30 September 2011.

Submission of Bank Quarterly Report on Residential Real Estate Loans for the Generation of the Residential Real Estate Price Index. To generate the Residential Real Estate Price Index (RREPI) as a valuable tool in assessing the real estate and credit market conditions in the country, all UBs/KBs and TBs on a solo basis, shall submit a quarterly report to the Bangko Sentral covering the following data on properties acquired through residential real estate loans granted by banks:

 Data Item Unit of Expression
I. Month of Loan Granted/Booked Number
II. Location of Property Number
III. Type of Property Number
IV. Type of Housing Unit Number
V. Appraisal Value of Housing Unit Peso Amount
VI. Total Floor Area Number
VII. Number of Floors Number
VIII. Number of Bedrooms Number
IX. Effective Age of Housing Unit Number
X. Appraised Value of Lot Peso Amount
XI. Total Lot Area Number
XII. Total Appraised Value of Property Peso Amount
XIII. Housing Segment Number
XIV. Acquisition Cost Peso Amount
XV. Name of Developer Number
XVI. Name of Other Developer Number

Report on Repurchase Agreements. The Report on Repurchase Agreements is designed to capture timely and comprehensive transactional-level data on repos of UBs and KBs and their subsidiary TBs to strengthen financial surveillance, particularly in monitoring market trends and vulnerabilities in the repo market, and to enable the Bangko Sentral to formulate effective policy responses to ensure continued stability of the financial system.

All UBs/KBs and their subsidiary TBs shall submit the Report on Repurchase Agreements on a solo basis in accordance with the Guidelines on the completion of the Report in Appendix 122.

This report shall be considered a Category B report.

Erroneous/delayed/erroneous and delayed/unsubmitted reports shall be subject to penalties prescribed under Sec. 171 (Sanctions on reports for non-compliance with the reporting standards) for Category B reports.

Report on Project Finance Exposures. The Report on Project Finance Exposures is designed to measure and monitor the exposure of the banking system to project finance as defined under Sec. 344 (Exclusion from the thirty percent (30%) unsecured individual ceiling for project finance).

All UBs/KBs shall submit the Report on Project Finance Exposures in accordance with the guidelines on the preparation of solo and consolidated financial statements under Sec. 172 (Philippine Financial Reporting Standards/Philippine Accounting Standards); and (b) the line item instructions prescribed under Appendix 128.

This report shall be considered a Category A-1 report and shall be submitted within the deadlines indicated in Appendix 7.

(1) Bank Report

All UBs/KBs shall submit the Report on Project Finance Exposures on a solo (i.e., head office and branches) basis. UBs/KBs shall, likewise, submit the Report on Project Finance Exposures covering project finance exposures of their trust departments.

(2) Banking Group Report

A parent UB/KB shall, likewise, submit the Report on Project Finance Exposures on a consolidated (i.e., consolidated project finance exposures of the banking group) basis, including aggregate project finance exposures of trust departments of banks/Financial Institutions (FIs) that are part of the banking group.

The schedules comprising covered banks’ Report on Project Finance Exposures are as follows:

 Reports \ Covered Banks UBs KBs

1. Bank Report. This shall contain the solo report of the bank’s project finance exposures. Trust departments of covered banks shall likewise submit the Report on Project Finance Exposures covering the project finance exposure of their clients.
a. Bank Proper and Trust Department
b. Schedule 1- Bank Proper
c. Schedule 2 -Trust Department

x x

2. Banking Group Report. This shall contain the consolidated report of the banking group’s project finance exposures. UBs/KBs shall likewise submit aggregate project finance exposures of trust departments of banks/FIs that are part of the banking group.
a. Banking Group and Trust Department(s) of Banks/FIs that are part of the banking group
b. Schedule 1- Banking Group
c. Schedule 2 -Trust Department(s)

x x

A pilot run of the Report on Project Finance Exposures shall be conducted for the quarter-ending 31 March 2018 which shall be submitted within forty-five (45) banking days after the reference quarter. The template of the Report on Project Finance Exposures shall take effect starting with the reporting period ending 30 June 2018.

(Circular Nos. 1019 dated 31 October 2018, 988 dated 20 December 2017, 987 dated 28 December 2017, 976 dated 10 October 2017, 969 dated 22 August 2017, 963 dated 27 June 2017, 941 dated 20 January 2017, 923 dated 31 August 2016, 914 dated 23 June 2016, and 890 dated 02 November 2015, M-2015-015 dated 16 March 2015, Circular Nos. 870 dated 20 February 2015, 866 dated 07 January 2015, and 850 dated 08 September 2014)