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RBI Draft Directions on EDPMS Shipping Bill Closure for Small Exports

22 July 20251 min read
BANKING & FINANCERBI Draft Directionson EDPMS ShippingBill Closure for SmallExports22 July 2025safalsetu.com

Why in the news

The RBI proposed draft rules to simplify closing shipping bills in EDPMS for small exports and invited comments until the end of July 2025.

Key facts

  • Threshold: bills up to ₹10 lakh (or equivalent).
  • Closure by: Authorised Dealer (AD) banks on the exporter’s quarterly self-declaration of payment received, with bill details; invoice value cuts can also be self-declared.

About EDPMS

  • Began February 2014; reconciles each shipping bill with inward foreign remittance.
  • Integrated with ICEGATE, ECCS (since January 2022) and postal export data (since January 2025).

Significance

  • Compliance had burdened small exporters through delayed incentives or penalties.
  • Promotes ease of doing business and substance-based monitoring.

Exam angle

  • Limit: ₹10 lakh; closing agency: AD banks; start: February 2014.

Test yourself

1. Under RBI's draft directions, shipping bills up to what value can be closed on a quarterly exporter self-declaration?

The threshold is ₹10 lakh or equivalent.

2. EDPMS, which tracks export proceeds realisation, was introduced in which month and year?

EDPMS started in February 2014.

3. Which institutions close small-value shipping bills in EDPMS under the draft?

AD banks close them based on the exporter's declaration.

This topic is part of Daily Current Affairs 20 & 21 July 2025 (15 topics).

All topics of the dayDay quizJuly 2025

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