The RBI has eased the process for reconciliation and closure of small-value export and import entries in EDPMS and IDPMS. For bills up to ₹10 lakh per entry, Authorised Dealer (AD) Category-I banks can close entries based on a simple declaration from exporters (confirming realisation of export proceeds) or importers (confirming payment). Reductions in invoice value will also be accepted on such declarations, which may be submitted quarterly in a consolidated manner for bulk closures. AD banks must also review and rationalise charges for handling these small-value transactions and cannot levy penal charges for delays.
The above instructions shall come into force with immediate effect.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12908&Mode=0
