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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>EDPMS/IDPMS small-value entry reconciliation up to Rs.10 lakh allowed on exporter/importer declaration; banks barred from penal charges</h1> AD banks are permitted to reconcile and close EDPMS/IDPMS entries of value up to Rs.10 lakh per entry/bill on the basis of a declaration by the exporter (amount realised) or importer (amount paid); any reduction in declared or invoice value may likewise be accepted on such declaration, and consolidated quarterly declarations combining multiple bills are allowable for bulk reconciliation and closure, thereby streamlining closure of small-value entries. AD banks must review and align handling charges for these small-value transactions with the relaxed procedure and are prohibited from levying penal charges for regulatory-delayed compliance, thereby limiting penalties and requiring fee commensurability. (RBI)
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