In today’s increasingly complex, politically charged, and controversial global trade landscape, we are here to guide and empower our clients to overcome challenges, bridge trade gaps, and seize opportunities for growth.
In today’s increasingly complex, politically charged, and controversial global trade landscape, we are here to guide and empower our clients to overcome challenges, bridge trade gaps, and seize opportunities for growth.
The Reserve Bank of India (RBI) introduced the Export Data Processing and Monitoring System (EDPMS) in 2014 to enhance transparency in exporters’ transactions and monitor their data. EDPMS is an online software used by Indian banks to record exporters’ transactions, including softex forms, shipping bills, and entry bills. This data is compared with inward remittance data, allowing banks to track each shipment and exporters to receive benefits more efficientlyThe EDPMS module enables banks to recommend caution or de-caution listing based on the exporter’s track record and interactions with investigating bodies.
In 2016, RBI automated the caution and de-caution list, which warns exporters to file their details within two years. Non-compliant exporters face consequences such as rejection of packing credit and delays in banking documents, resulting in additional costs. By implementing EDPMS, RBI aims to gather crucial export data, identify remittances floating abroad, and improve its control over Forex market operations.
The Customs Department has issued an advisory for integrating the Electronic Cargo Customs System (ECCS) with the Import Data Processing and Monitoring System (IDPMS) and Export Data Processing and Monitoring System (EDPMS) of the Reserve Bank of India (RBI).
This integration is necessary to meet RBI’s statutory requirements for monitoring import and export transactions. The advisory emphasizes the importance of IDPMS and EDPMS in compliance with the Foreign Exchange Management Act and Rules.
Yosaney offers you the privilege of navigating through these compliance requirements with ease and confidence.
