9911796707
TMI BlogEDPMS (Electronic Declaration Processing and Monitoring System) and IDPMS (Import Data Processing and Monitoring System)X X X X Extracts X X X X X X X X Extracts X X X X ..... EDPMS (Electronic Declaration Processing and Monitoring System) and IDPMS (Import Data Processing and Monitoring System) X X X X Extracts X X X X X X X X Extracts X X X X ..... Monitoring System) EDPMS is primarily used to monitor and track export-related transactions in India. It is a system for clearing shipping bills and monitoring the receipt of foreign exchange against export proceeds. It is part of the RBI (Reserve Bank of India) guidelines for ensuring that exports are properly completed and foreign exchange earnings are tracked. Key Features of EDPMS: * Track Export Proceeds: EDPMS ensures that export proceeds are received and repatriated in a timely manner. It tracks the foreign exchange receipts from exports. * Completion of Export: The system helps in closing the shipping bill once the payment is received and the export proceeds are confirmed. * Customs and RBI Integration: The system works by i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterfacing with both Customs and the Reserve Bank of India (RBI), ensuring that all exports are monitored for compliance with payment regulations. * Linking Shipping Bills to Foreign Exchange: EDPMS connects the shipping bill with the foreign exchange receipt and ensures that the necessary remittances are done against each shipping bill. Process for Clearance of Shipping Bills through EDPMS: * Shipping Bill Filing: Exporters file their shipping bill with Customs. * Tracking of Export Proceeds: After the goods are exported, EDPMS tracks the receipt of the payment from the foreign buyer. The RBI tracks the foreign currency remittance. * Closure of Shipping Bill: The shipping bill can only be closed once the export proceeds are receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the designated bank account. * Bank's Role: The bank confirms the receipt of foreign exchange, which is then updated in EDPMS, allowing Customs to close the shipping bill. 2. IDPMS (Import Data Processing and Monitoring System) IDPMS is the system used by the Indian government to track import transactions and ensure compliance with import payment regulations. This system is mainly used to monitor the payments made to foreign suppliers and track the completion of the import process. Key Features of IDPMS: * Tracking Import Payments: IDPMS monitors payments made by importers to foreign suppliers to ensure that foreign exchange has been sent and received properly. * Foreign Exchange Compliance: It helps in ensuring that the paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents made by importers are in compliance with the RBI guidelines and regulations related to import transactions. * Customs Integration: The system ensures that the bill of entry is linked to the payment made for the imported goods, ensuring that the correct duties are paid and the imports are legally processed. * Completion of Import: The BOE is considered closed once the corresponding payment is completed and linked in the IDPMS system. Process for Clearance of Bill of Entry (BOE) through IDPMS: * Bill of Entry Filing: The importer files the BOE with Customs at the time of importation. * Tracking of Payment to Seller: The bank processes the payment from the importer to the foreign supplier, and this payment is tracked in the IDPMS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . * Updating IDPMS: The bank updates the payment details against the BOE in the IDPMS, confirming that payment has been made for the imported goods. * Customs and Bank Collaboration: The Customs authorities, upon confirmation from the bank that the payment is made, will then close the BOE in the system. * Completion of Import Process: Once the payment details are updated and verified, the BOE is closed, and the transaction is considered complete. Key Differences Between EDPMS and IDPMS: Feature EDPMS (Export) IDPMS (Import) Purpose To track export proceeds and close shipping bills To track import payments and close bills of entry Used For Export transactions Import transactions System Managed By RBI, in collaboration with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Customs RBI, in collaboration with Customs Process Focus Ensures repatriation of foreign exchange and completion of export Ensures payment to foreign suppliers and completion of import Documentation Shipping Bill Bill of Entry System Closure The shipping bill is closed once foreign exchange proceeds are received The bill of entry is closed once payment is made and verified How to Complete Export and Import Procedures Using EDPMS and IDPMS: For Exporters (EDPMS): * File the Shipping Bill: Submit the shipping bill with Customs. * Track Payment: Ensure that the foreign buyer sends the payment via an authorized dealer bank. * Confirm Receipt of Payment: The bank updates the EDPMS with the received export proceeds. * Closure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Shipping Bill: The shipping bill is closed after confirming the receipt of funds in your account, allowing you to complete the export process. For Importers (IDPMS): * File the Bill of Entry: Submit the bill of entry with Customs for the imported goods. * Make Payment to Seller: Transfer funds to the foreign seller through your bank. * Confirm Payment Details: The bank updates the IDPMS with the details of the payment made to the foreign supplier. * Closure of Bill of Entry: The bill of entry is closed once the payment is verified and cleared, allowing the import process to be completed. Steps to Follow for Completion: * For Exporters: * Ensure that the payment is received and reported in EDPMS. * Communicate with your ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk to confirm the payment status and ensure that the shipping bill can be closed. * For Importers: * Make sure the payment to the supplier is completed through the authorized bank. * The bank will update the IDPMS, and you can ensure the closure of the bill of entry. Conclusion: * EDPMS helps to track and close export-related transactions after confirming the receipt of export proceeds, ensuring compliance with foreign exchange regulations. * IDPMS tracks import payments to foreign suppliers and allows the closure of the bill of entry once payment is made and confirmed. Both systems play a vital role in ensuring smooth international trade transactions and adherence to Indian regulatory frameworks. If you face challenges with eit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her system, it's essential to communicate with your bank or the relevant authorities to resolve any discrepancies and ensure closure of the respective shipping bills or bills of entry. X X X X Extracts X X X X X X X X Extracts X X X X
|
