The Reserve Bank today introduced comprehensive integrated computerised system for effective monitoring and follow-up of export transactions.
Inaugurated by RBI Governor Raghuram Rajan, Export Data Processing and Monitoring System (EDPMS) is a major green initiative as paper reporting requirement will be eliminated to a substantial extent.
It will provide effective compliance with requirements relating to exports from Foreign Exchange angle and other statutory regulations, the RBI said in a notification.
Besides, it will help in easier tracking and generation of export transactions. It will also eliminate manual data entry work at various stages.
This centralised automated export transaction system has been developed with a single master data base for all exports. The shipping data with the Customs will be the base for all subsequent export follow-up processes, it said.
The data validated at Custom Authorities level will be mirrored in dedicated RBI server and will be shared among the stake holders or agencies involved including banks to monitor both receipt of export documents and repatriation of export proceeds using banking channels.
Under Foreign Exchange Management Act (FEMA) 1999, it is obligatory on the part of the exporters to realise and repatriate the full value of the exports.
Export follow-up procedure should ensure that export documents enter the Indian banking channel (for effective reporting) and the proceeds are realised and repatriated to India through the banking channel in India within the stipulated time.
Under the existing mechanism of matching of customs data with banking data was being done by the regional offices of the Foreign Exchange Department (FED) of RBI.
