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of <h1>Regulator allows banks to close export/import entries up to Rs 10 lakh on exporter/importer payment declaration</h1> Regulator mandates that authorised dealer banks may close EDPMS/IDPMS export/import entries of value up to Rs.10 lakh per entry based on a declaration from the exporter/importer that payment was received/paid, including acceptance of reduced declared or invoice values; declarations may be consolidated quarterly for bulk reconciliation. Banks must review handling charges for such small-value transactions and must not impose penal charges for delays in regulatory compliance. Changes take immediate effect and will be reflected in the relevant master directions; directions are issued under FEMA and do not affect other statutory permissions.
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