Exporters can be put on caution list on ED, CBI action: RBI

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Mumbai | Published: May 26, 2016 11:22:35 PM

RBI today said exporters can be put on a "caution" list in case the trader is not making any efforts for realisation of export proceeds or on the recommendation of investigative agencies like ED and CBI.

RBI atms, EMV Chip, pin cardsRBI said this while notifying additional modules for caution listing of exporters, reporting of advance remittance for exports and migration of old data under EDPMS. (Reuters)

RBI today said exporters can be put on a “caution” list in case the trader is not making any efforts for realisation of export proceeds or on the recommendation of investigative agencies like ED and CBI.

Describing the criteria laid down for cautioning / de-cautioning of exporters in Export Data Processing and Monitoring System (EDPMS), RBI said exporters would be “caution listed” if any shipping bill against them remains open for more than two years in EDPMS, provided no extension is granted by the bank/RBI.

“The exporters can also be caution listed even before the expiry of two years period based on the recommendation of AD banks.

“The recommendation may be based on cases where exporter has come to adverse notice of the Enforcement Directorate(ED)/ Central Bureau of Investigation (CBI)/Directorate of Revenue Intelligence (DRI) /any such other law enforcement agency or the case where exporter is not traceable or not making any serious efforts for realisation of export proceeds,” RBI said.

RBI said this while notifying additional modules for caution listing of exporters, reporting of advance remittance for exports and migration of old data under EDPMS.

To simplify the procedure for filing returns on a single platform and for better monitoring, RBI has integrated the returns related to handling of shipping bills for caution listed exporters.

To streamline the procedure, cautioning / de-cautioning of exporters has been automated, RBI added.

Once related bills are realised and closed or extension for realisation is granted, the exporter will automatically be de-caution listed.

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