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Action by FEDAI on concerns regarding delays by banks in reconciling export documents
Action by FEDAI on concerns regarding delays by banks in reconciling export documents

April 14, 2023

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The Foreign Exchange Dealers Association of India (FEDAI) has taken an important step towards improving the ease of doing business for exporters in India. In response to a request from nasscom, FEDAI has advised banks to 

  • acknowledge receipt of export documents submitted by the exporter.
  • establish digital systems for receiving export documents against inwards remittances.

Background

Various challenges realted to reconcilitation of export documents were brought to our notice by the industry. Accordingly, in December 2022, we had reached out to the Reserve Bank of India (RBI), seeking their intervention is resolving the delays by AD banks in updating the Export Data Processing and Monitoring System (EDPMS) and generating electronic Bank Realisation Certificates (eBRC). In response to our request, RBI had suggested discussing the matter with FEDAI.

For more information, kindly write to us at garima@nasscom.in and policy@nasscom.in


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Garima Prakash
Manager, Public Policy and Government Affairs

Reach out to me for all things policy about e-commerce, international trade, export controls, start-ups and fintech

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