RBI intent to close outstanding EDPMS entries deserves praise

The Reserve Bank of India (RBI) has put out a draft direction for closure of shipping bills in the export data processing and monitoring system (EDPMS) and called for feedback from the stakeholders before this month-end.

- T N C RAJAGOPALAN

The RBI introduced the EDPMS to monitor the realisation of export proceeds in February 2014. Later, the flow of shipping bills from the Customs was automated through Indian Customs Electronic Data Interchange Gateway (ICEGATE). From January 2022, data from Express Cargo Clearance System (ECCS) also started flowing into the EDPMS.

Further, postal exports bill data also started flowing into EDPMS from January 2025. Over the years, there has been a significant increase in the number of export transactions that flow into the EDPMS, wherein each shipping bill is reconciled against payment received. With the objective of easing compliance, especially for exporters of small value goods, the RBI has now decided to simplify the process of reconciliation in EDPMS.

Accordingly, draft directions have been prepared to address the issues related to regulatory compliance involving reconciliation of small value exports in the EDPMS.