Central bank allows banks to reconcile and close export/import EDPMS/IDPMS entries up to Rs 10 lakh per bill under FEMA

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The central bank directed authorised dealer Category-I banks to allow reconciliation and closure of export/import EDPMS/IDPMS entries of up to Rs.10 lakh per bill based on a declaration by the exporter/importer that payment was realized/paid, permitting declared or invoice value reductions and quarterly consolidated declarations for bulk closing; banks must review and align handling charges with services rendered and must not levy penal charges for regulatory-related delays. The instructions take immediate effect, will be reflected in updated master directions, and are issued under FEMA, without prejudice to other legal permissions.....