Follow up export receipts by banks

EXPORT BILLS REGISTER and FOLLOW-UP OF OVERDUE BILLS, RBI procedures


According to Reserve Bank of India update as on 08th January 2021, the directions on Export Banker's formalities on Maintanence of Export Bill Register and floow up overdue bills is given below:

 

C.14 Export Bills Register

AD Category – I banks should maintain Export Bills Register, in physical or electronic form aligned with Export Data Processing and Monitoring System (EDPMS). The bill number should be given to all type of export transactions on a financial year basis (i.e. April to March) and same should be reported in EDPMS.

C.15 Follow-up of overdue bills

(i) AD Category – I banks should closely watch realization of bills and in cases where bills remain outstanding, beyond the due date for payment from the date of export, the matter should be promptly taken up with the concerned exporter. If the exporter fails to arrange for delivery of the proceeds within the stipulated period or seek extension of time beyond the stipulated period, the matter should be reported to the Regional Office concerned of the Reserve Bank stating, where possible, the reason for the delay in realizing the proceeds.

(ii) The duplicate copies of EDF/SOFTEX Forms should, continue to be held by AD Category – I banks until the full proceeds are realized, except in case of undrawn balances.

(iii) AD Category – I banks should follow up export outstanding with exporters systematically and vigorously so that action against defaulting exporters does not get delayed. Any laxity in the follow up of realization of export proceeds by AD Category – I banks will be viewed seriously by the Reserve Bank, leading to the invocation of the penal provision under FEMA, 1999.

(iv) With operationalization of EDPMS on March 01, 2014, realization of all export transaction for shipping documents after February 28, 2014 should be reported in EDPMS.




Bank directions to be read by each Exporter in India

Banking regulations on Exports and Imports in India

Exporting  to India?  Click here to read Bank process in India

Obligation of exporters bank on Receipt of advance against exports     Bank process on Grant of EDF waiver for Exporters in India     File exemption for EDF filing for Exports in India      EDF procedures on Consolidation of air cargo and sea cargo      EDF filing on Short Shipments and Shut out Shipments     SOFTEX Forms, Banking rules in India     Banking rules on Mid-sea trans-shipment of catch by deep sea fishing vessels     Bank EDF process on Export of goods through Post     Banking EDF rules on Export of goods, export of software done through EDI ports

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