RBI introduces new Export Data Processing and Monitoring System for forex dealers

Mumbai, Feb 5 (KNN) With a view to simplifing the procedure for filling various returns and for better monitoring, the Reserve Bank of India (RBI) has developed a comprehensive IT- based system called EDPMS for the banks, which are authorised to deal in foreign exchange, to report all the returns/statements relating to export of goods/services through a single platform.

The Export Data Processing and Monitoring System (EDPMS) will enable banks to submit various returns such as export outstanding statements, export bills negotiated/sent for collection, realisation of export proceeds, write-off of export bills, and extension of realization of export.

“As of now, AD banks are submitting the various returns like XOS (export outstanding statements), ENC (Export Bills Negotiated / sent for collection) for acknowledgement of receipt of Export documents, Sch.3 to 6 (realization of export proceeds), EBW (write-off of export bills), ETX (extension of realization of export bills) relating to Export transaction under FEMA to RBI,” RBI said in a notification yesterday.

These various returns are being managed on a different solo application or manually.

In the new system, the primary data on export transactions, including offsite software exports from all the sources — Customs/Special Economic Zone/Software Technology Park of India — will flow to the RBI secured server and then the same will be shared with the respective banks for follow up with the exporters.

Subsequently, the document submission and realisation data will be reported back by the banks to RBI through the same secured RBI server so as to update the RBI database on real-time basis. The banks are required to download and upload the data on daily basis. (KNN/SD)