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?
    A Export Data Processing and Monitoring System Correct Answer Incorrect Answer
    B Export Duty and Penalty Measurement System Correct Answer Incorrect Answer
    C Export Database and Portfolio Member System Correct Answer Incorrect Answer
    D Export of Domestic Products Management System Correct Answer Incorrect Answer
    E Export Distribution Proceeds Management System Correct Answer Incorrect Answer

    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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