RBI has released a circular (Ref: RBI/2013-14/481 A.P. (DIR Series) Circular No.101) dated February 14, 2014 on the captioned subject.
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. These various returns are being managed on a different solo application or manually.
With a view to simplify the procedure for filling various returns and for better monitoring, a comprehensive IT- based system called EDPMS has been developed which will facilitate the banks to report all the above mentioned returns through a single platform. In the new system, the primary data on exports transactions including offsite software exports from all the sources viz. Customs/SEZ/STPI will flow to 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 realization data will be reported back by the AD banks to RBI through the same secured RBI server so as to update the RBI database on real time basis to facilitate quicker follow up/ data generation. The AD banks are required to download and upload the data on daily basis.
Below are some of the highlights/benefits of this system:
1. EDPMS is envisaged to have the following benefits : Ensure better export compliance, Reduce paper handling in current manual process, Easier tracking/generation of export transactions/data/history, Reduce monitoring burden for RBI, Regulatory reporting effort decrease for ADs when the module goes live for historical data instead of the current separate reporting of XOS, R-Return(ENC/Schedule 3-6), EBW, Ready availability of data related to non-realization of export proceeds providing ready information to RBI on the defaulting customers and immediate action against them.
2. The system will also facilitate the Authorised Dealer to raise the Authorised Dealer (AD) transfer request in case of Export document submitted to the Authorised Dealers other than declared in the export document which will discontinue the paper based NOC issued by the AD banks. AD banks have to approve/disapprove the AD transfer request within 7 days from date of request.
3. RBI also expects Authorized Dealers to do a follow-up with customers for Shipping bills wherein export bills are not yet lodged with the AD. We propose to do this vide email tracers
The EDPMS system will go live from 1stMarch 014 for shipments effected from 1st March 014.
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