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RBI to set up new monitoring system to check export data flaws

Feb 03 2013, 23:54 IST
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SummaryReserve Bank is planning to set up an automated and unified data processing and monitoring system for all exports from the country.

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.

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