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 received from customs, STPI (Software Technology Park of India), SEZs (Special Economic Zones) in a secure manner.
Besides, the new system would allow the banks to upload and update receipt of documents and export proceeds directly in the RBI system and would provide for reporting of serious cases of default, including forwarding them to the customs and excise departments for necessary action, if any.