The Reserve Bank of India has today launched a new comprehensive integrated computerized Export Data Processing and Monitoring System (EDPMS) for effective monitoring and follow- up of the exports transactions. Dr. Raghuram Rajan, Governor, Reserve Bank of India inaugurated the system. Apart from making the regulatory and supervisory process effective for monitoring the export transactions, it is a major green initiative as paper reporting requirement will be eliminated to a substantial extent. The immediate benefits accruing with the implementation of new system will be:

1. Effective compliance with requirements relating to exports from Foreign Exchange angle and other statutory regulations.

2. Easier tracking / generation of export transactions.

3. An alternative to filing paper based documents which will facilitate AD banks to report various related returns through a single platform.

4. Eliminate / minimize manual data entry work at various stages

5. Substantial reduction in reporting burden by AD banks

The EDPMS has become fully operational today and with the AD Banks aligning their own internal systems with it, monitoring and follow up of all export transactions will become more effective.

This centralized 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. The data validated at Custom Authorities level will be mirrored in dedicated RBI server and will be shared among the stake holders / agencies involved including ADs to monitor both receipt of export documents and repatriation of export proceeds using banking channels. ADs would flag incremental Data/ information in the master database under proper user/ access rights and the updated position would be available / accessible to each stake holder, till actual realization of the proceeds, on real time basis.

Under Foreign Exchange Management Act (FEMA) 1999, it is obligatory on the part of the exporters to realize 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 realized and repatriated to India through the banking channel in India within the stipulated time.

Under the erstwhile mechanism of matching of Customs data (received from Customs after shipment of goods) with Banking Data was being done by the Regional Offices (ROs) of the Foreign Exchange Department (FED) of RBI. A major portion of total export transactions however used to  remain unmatched mainly due to manual entry of same data at two levels, i.e. Customs’ level and Authorised Dealer’s (AD Bank)’ level apart from leads and lags in filing EDF form and  lodging of documents for negotiation/collection.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/1722