RBI launches IT-based export data processing and monitoring system.

KOLKATA: The Reserve Bank of India has launched an integrated computerised export data processing and monitoring system to step up monitoring and follow-up of the exports transactions.

This is part of the central bank's green initiative as paper reporting requirement will be eliminated to a substantial extent.

This would make regulatory and supervisory process effective for monitoring the export transactions and also help exporters in effective compliance with rules guiding exports.

This alternative to paper-based filing will facilitate banks to report various related returns through a single platform, RBI said.

Governor Raghuram Rajan inaugurated the system Friday.

This centralised automated export transaction system has been developed with a single master data base for all exports. The shipping data with the customs will be the base for all subsequent export follow-up processes.

The data validated at Custom Authorities level will be mirrored in dedicated RBI server and will be shared among the stake holders or agencies involved including bans to monitor both receipt of export documents and repatriation of export proceeds using banking channels.

Under Foreign Exchange Management Act (FEMA) 1999, exporters are mandated to realize and repatriate the full value of the exports.

Source : economictimes.indiatimes.com