The Reserve Bank of India has launched a comprehensive, integrated and computerised export data processing and monitoring system to step up monitoring and follow-up of export transactions.
This is part of the central bank's green initiative as paper reporting requirement will be eliminated to a substantial extent. This would make the regulatory and supervisory process effective for monitoring the export transactions and also help exporters in effective compliance with rules guiding exports.
This alternative to paper-based filing will facilitate banks to report various related returns through a single platform, the RBI said. Governor Raghuram Rajan inaugurated the system on Friday. This centralised 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 the customs authorities level will be mirrored in a dedicated RBI server and will be shared among the stakeholders or agencies involved , including ban to monitor both receipt of export documents and repatriation of export proceeds using banking channels. Under the Foreign Exchange Management Act (FEMA) 1999, exporters need to realise and repatriate the full value of exports.
Source:- economictimes.indiatimes.com
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