RBI to set up new monitoring system to check export data flaws
The new system would also be used for reporting of serious cases of default by exporters and other entities and to forward these cases to the customs and excise departments for for further action, a senior official said.
The move comes at a time when several export and import firms in the country have come under the scanner of DRI (Directorate of Revenue Intelligence) and other financial intelligence agencies for stating wrong information in their invoices and declarations about export value and goods.
The current system for processing of export data follows mostly a declaration-based regime, wherein exporters declare the export value to the custom authority at the time of shipment for verification and certification of the same.
Once the goods get shipped, the exporters have to lodge the relevant forms applicable in their case along with shipping documents with their Authorised Forex Dealer banks for handling of the export documents and realisation of the declared value.
After the documents are sent for collection, AD anks report the transaction to RBI. Under the Foreign Exchange Management Act (FEMA), it is obligatory on exporters to realise and repatriate the full value of the exports within stipulated time and and the amount of full export value needs to be received through an Authorised
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