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Informist, Friday, Jul. 11, 2025
--RBI moots simplifying reconciliation process in exports monitoring system
--RBI issues draft norms for compliance issues in exports monitoring system
--RBI seeks feedback on draft norms for exports monitoring system by Jul 31
NEW DELHI – The Reserve Bank of India Friday issued draft directions to address regulatory compliance issues involving reconciliation of small-value exports in the Export Data Processing and Monitoring System. The central bank has sought feedback on the draft directions by Jul. 31.
Over the years, there has been a significant increase in the number of export transactions that flow into the Export Data Processing and Monitoring System, wherein each shipping bill is reconciled against payment received, the RBI said in a release. To ease compliance, especially for exporters of small-value goods, it has been decided to simplify the process of reconciliation in the monitoring system, the RBI said.
The RBI introduced the export data processing and monitoring system in 2014 to monitor the realisation of funds against exports. The central bank has now proposed that Authorised Dealer Category – I banks may reconcile and close shipping bills of up to INR 1 million in the exports monitoring system. The bills may be closed based on a declaration by the concerned exporter indicating the details of the shipping bill and that the amount has been realised against the same, the RBI said.
"Any reduction in declared export value of the bills submitted may also be accepted based on the declaration by the concerned exporter," the central bank said. Banks may obtain these declarations from the exporter quarterly. Banks will not levy any penalty for delays in adherence to any regulatory prescription, the RBI said. End
Reported by Shubham Rana
Edited by Saji George Titus
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