Topics In Demand
Notification
New

No notification found.

Representation to RBI regarding delays by banks in pocessing export documents
Representation to RBI regarding delays by banks in pocessing export documents

December 27, 2022

628

0

On December 26, 2022, we reached out to the Reserved Bank of India (RBI) highlight issues being faced by the industry in processing of export documents including SOFTEX and reconciliation of inward remittances, updating information on the Export Data Processing and Monitoring System (EDPMS) and generating the electronic Bank Realisation Certification (eBRC).

Issues: 

We have highlighted following challenges being faced by the industry in getting export documents processed by the AD bank:  

  • AD banks insist on submission of hard copy of invoices and SOFTEX forms.
  • There is no digital system in place for submission and acknowledgement of export documents by AD banks.
  • At the time of submission of documents by the exporters, AD banks do not give any proof of receipt/acknowledgement slip.
  • Even after submission of documents, reminder e-mails are received from the AD bank, demanding submission of export documents. These e-mails, sometimes, even provide for levy of penalty in case of non-submission of relevant documents, the possibility of withdrawal of banking services by the AD bank and reporting of non-compliance to the RBI/Enforcement Directorate.
  • There are delays in processing of documents by AD banks. Based on our discussion with the industry, in some cases, the AD bank has not processed export documents for as long as 3 years after the submission by the exporter.  As a result, there are significant delays in updating the information on EDPMS portal, which ultimately prevents the exporters from obtaining the eBRC.

Suggestion:

We have requested the RBI to take the following actions:

  • Prescribe a definite timeline within which AD banks will be required to process the export documents, reconcile with inward remittances received and update information on the EDPMS portal.
  • Direct the AD banks to acknowledge receipt of export documents at the time of submission by the exporter.
  • Encourage AD banks to establish digital systems for receiving export documents against inwards remittances.

For more information, kindly write to garima@nasscom.in


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


images
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

© Copyright nasscom. All Rights Reserved.