The Reserve Bank of India (RBI) has today placed on its website draft guidelines on ‘Processing and Settlement of small value Export and Import related payments’ facilitated by Online Export-Import Facilitators (OEIF) (erstwhile OPGSP). Comments/feedback on the draft guidelines are invited from all stakeholders. Comments/feedback may be forwarded through email by April 24, 2022 with the subject line “Feedback on draft OEIF Guidelines”.

With development in the ecosystem for e-commerce and the feedback received from banks and other stakeholders, on a comprehensive review, the extant guidelines are being modified to further simplify and rationalise the process for settlement of payment for export and import through e-commerce.

The facility of processing and settlement of import and export related remittances by entering into standing contract with Online Payment Gateway Service Providers (OPGSPs) in respect of export of goods and services as well as import of goods and software is presently governed by the provisions contained in A.P. (DIR) Series Circular No. 17 dated November 16, 2010,A.P. (DIR) Series Circular No. 109 dated June 11, 2013 read with A.P. (DIR) Series Circular No.16 dated September 24, 2015.

 (Yogesh Dayal)    

Chief General Manager

Processing and settlement of small value export import payments: draft guidelines seek comments to simplify OEIF settlement procedures. Draft guidelines propose a revised regulatory framework for processing and settlement of small value export and import payments facilitated by Online Export Import Facilitators, aiming to simplify and rationalise settlement procedures, clarify standing contract mechanisms between banks and payment facilitators, streamline merchant onboarding and payment routing, and invite stakeholder comments to update extant operational norms established by earlier circulars.