Question
AD Category – I banks are required to report all the
inward remittances including advance as well as old outstanding inward remittances received for export of goods/ software to EDPMS. What is EDPMS?Solution
In 2014, the RBI introduced the Export Data Processing and Monitoring System (EDPMS). Under this, banks are mandated to bring all transactions with the exporters online. EDPMS (Export Data Processing AND Monitoring System) will capture the details of advance remittances received for exports in EDPMS. Henceforth, AD Category – I banks will have to report all the inward remittances including advance as well as old outstanding inward remittances received for export of goods/ software to EDPMS. Further, AD Category – I banks need to report the electronic FIRC to EDPMS wherever such FIRCs are issued against inward remittances.
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