RBI issues draft norms to rationalise export-import transactions
Banks under new regulations can flag exporters with outstanding amounts, ensuring timely realization of proceeds. Transparency and efficiency are prioritized in export-import transactions, benefiting businesses of all sizes.
The on Tuesday released draft regulations to rationalise norms for , proposing discretionary powers for banks when it comes to a '' for exporters who fail to bring in on time."Where an export amount is outstanding in EDPMS (export data processing and monitoring system) for a period of more than two years from the due date of realization (including extension of the period granted by authorised dealer bank, if any), AD banks shall ensure that exporter is flagged as 'caution listed' in the EDPMS," the said in the draft regulations and directions.
The draft regulations, which are under the (FEMA), are available for public response and feedback may be forwarded to the RBI via email by September 1, the central bank said.
The RBI said that the proposed regulations are intended to promote ease of doing business, especially for and , while empowering to provide quicker and more efficient services to foreign exchange customers.
It said while flagging an exporter as 'caution listed', banks must duly inform exporters and that they must be given the opportunity to be heard.
Source: Stocks-Markets-Economic Times
