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Call for Inputs: RBI’s draft guidelines on ‘Processing and Settlement of small value Export and Import related payments’
Call for Inputs: RBI’s draft guidelines on ‘Processing and Settlement of small value Export and Import related payments’

April 13, 2022

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The RBI has released draft guidelines on Processing and Settlement of small value Export and Import related paymentsfacilitated by Online Export-Import facilitators (OEIF guidelines). The objective of these draft guidelines is to further simplify and rationalise the process for settlement of payment for export and import through e-commerce.

Currently, the facility of processing and settlement of import and export related remittances by entering into standing contract with Online Payment Gateway Service Providers (OPGSPs) with respect to export of goods and services as well as import of goods and software is governed by 2015 and 2013 guidelines.

Key features of draft OEIF guidelines

  • For import transactions i.e., online import of goods and digital products, the facility shall be available for value not exceeding USD 3000, and for export transactions of goods and digital products, it shall not exceed USD 15000.
  • Collection of payment from importer in India shall only be through online payment mode using credit card, debit card, UPI, net banking or any other online payment methods as specified in Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016.
  • The Authorised Dealer (AD) banks shall be required to carry out due diligence on each OEIF and ensure that KYC/AML/CFT norms are adhered to and provide any information or documentary evidence in this regard. They shall also be required to maintain separate export and import collection accounts in India for each OEIF, in case the OEIF is facilitating both export and import transactions.
  • The OEIF shall be required to obtain authorisation from RBI if it is functioning as a payment aggregator. It will be required to have a well-documented policy disclosing duties and responsibilities and rights of various stakeholders involved in the contract.

The draft OEIF guidelines can be found here.

Kindly share your inputs on the draft guidelines by April 20th to garima@nasscom.in or apurva@nasscom.in.


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Apurva Singh
Senior Policy Associate

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