The Reserve Bank of India has issued instructions to Authorised Dealer Category-I Banks (AD banks) regarding the reconciliation and closure of export/import entries in the Export Data Processing and Monitoring System (EDPMS) and Import Data Processing and Monitoring System (IDPMS). This is intended to facilitate timely closure of entries and reduce compliance burden, especially for small-value transactions.

1. For EDPMS/IDPMS entries of value ₹10 lakh per entry/bill or less, AD banks shall reconcile and close entries based on:

• • A declaration by the exporter that the amount has been realised, or by the importer that the amount has been paid.
  • Any reduction in declared or invoice value will also be accepted based on such declarations.
  • Declarations may be submitted quarterly in a consolidated manner for bulk reconciliation.

2. AD banks must review charges for handling small-value transactions and ensure they are proportionate to the services rendered. No penal charges are to be levied for delays in regulatory compliance for these transactions.
3. These instructions shall be implemented with immediate effect. Master Directions for Export of Goods & Services and Import of Goods & Services will be updated accordingly.
4. AD banks are required to inform their constituents about this circular.