RBI to set up new monitoring system to check export data flaws
However, several irregularities have come to the fore in the recent past in these declarations and there have been several instances of mis-match between the declared value and the amount processed by the banks.
Presently, RBI receives the export data based on he exporters' declarations through customs and other agencies and the same is also reported by the ADs as and when exporters submit the export documents or the export amount is realised through the banks.
RBI then matches these transactions and generates the unmatched list of transactions to forward them to its concerned departments and banks for follow-up with the exporters.
Due to the huge volume of the data coupled with errors of data entry at multiple places, it has been observed that the large number of transactions remain unmatched one to one, the official said.
With a view to removing the bottlenecks in this exercise, RBI has now decided to implement a revamped procedure of data capturing, transfer and follow up through a new Export Data Processing and Monitoring System.
The proposed system would look to harmonise the data fields received in various forms and substitute the various formats with a new format to be called Export Declaration Form (EDF) to be used by all exporters. This would be done irrespective of the fact that the items for export are goods or software or if the export is done through non-EDI (Electronic Data Interchange) enabled port.
It will also automate the procedures for receiving, processing and maintaining of export data
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