TEXPROCIL urges RBI to extend EDPMS updation deadline

Posted by Daily Shipping Times on 24-04-2017        Tweet

COIMBATORE : Textile exporters fear that their names might figure in the Reserve Bank of India’s caution list after April 20, 2017 deadline - set for updating the shipping bills by banks - for no fault of theirs.

Their apprehension, it is learnt is due to the delay on the part of the banks in completing the EDPMS updation pertaining to shipping bills filed after February 28, 2014.

RBI introduced the EDPMS (Export Data Processing and Monitoring system) to monitor payments against Export Bill, and all banks are required to report in this system, details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.

As an interim relief, RBI granted temporary exemption up to April 20, 2017 to exporters whose IEC were appearing in the caution list in the EDPMS and whose outstanding shipping bills ( in value terms ) was less than 30 per cent of the total value of shipping bills for the period from March 1, 2014 to March 1, 2016.

(After April 20, 2017, based on the latest position of outstanding export receivables, exporter’s name may appear in the caution list on EDPMS).

The Cotton Textiles Export Promotion Council (TEXPROCIL) has urged the Reserve Bank of India to extend the EDPMS date by three months as many banks are yet to complete the updation process.

Ujwal Lahoti, Chairman, TEXPROCIL in a communication pointed out that since there were many shipping bills against which payments have already been realized and the E-BRCs issued by the concerned banks, but the EDPMS updation remaining yet incomplete at the banks end, many of the textiles exporters would find their names appearing in the caution list after deadline of April 20, 2017 for no fault on their part.

The Council has appealed to the RBI to advise all the banks to update the Shipping bills on the EDPMS and take a confirmation from them to this effect before putting the exporters in the caution list.