Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
Latest Circulars »
 RBI-Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007
 RBI-Sovereign Gold Bonds 2016-17 Series III – Operational Guidelines
  Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
 Sovereign Gold Bond Scheme 2016 -17 – Series III
 Minutes of the Monetary Policy Committee Meeting October 3-4, 2016
 Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
 Auction for Sale (Re-issue) of 7.35 per cent Government Stock 2024
 Auction of Government of India Dated Securities October 17, 2016
  Setting The Priorities Right (Shri S. S. Mundra, Deputy Governor – September 28, 2016 – at the 3rd SBI Banking and Economics Conclave in Mumbai)
  Financial Stability in a Weak Global Environment (Shri S. S. Mundra, Deputy Governor - September 22, 2016 - at the 7th SEACEN High Level Seminar for Deputy Governors in–charge of Financial Stability and Supervision, Mumbai)
 RBI issues Directions to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh – Withdrawal of Directions

RBI releases Report of the Working Group on Import Data Processing and Monitoring System (IDPMS)
April, 25th 2016

The Reserve Bank of India has today placed on its website the Report of the Working Group on Import Data Processing and Monitoring System (Chairman Shri A. K. Pandey, CGM, FED, RBI). The Working Group was constituted in October 2015 comprising representatives from Central Board of Excise and Customs (CBEC) Department of Revenue (DoR), Directorate General of Foreign Trade (DGFT), Special Economic Zone (SEZ) Ministry of Commerce and Industry (MoCI), Foreign Exchange Dealers' Association of India (FEDAI) and select public and private sector banks to examine gaps in the current import follow up and monitoring procedures. In its report submitted on March 11, 2016, the Working Group has recommended putting in place a robust and effective IT based import monitoring system analogous to the existing Export Data Processing and Monitoring System (EDPMS).

The Working Group has recommended IT based solution to effectively plug gaps and remove vulnerabilities in existing systems and procedures without adding any cumbersome procedures while undertaking import transactions. The main features of the proposed IDPMS are as follows:

  • Primary data on import transactions from Customs and SEZ will first flow to RBI secured server whereupon depending on the Authorised Dealer (AD) code shall be shared with the respective banks for taking the transaction forward.

  • IDPMS shall provide an interface to all agencies involved in the import process, viz. Customs, SEZ and AD banks.

  • To track the import transactions through banking system, Customs and SEZ will modify the Bill of Entry format to display the AD Code of bank concerned.

  • Every import related transaction by any of the above agencies shall necessarily require a concomitant system update.

  • The updated status of any import transaction; party wise, bill of entry wise or advance remittance wise, shall be visible to all user agencies on real time basis.

  • Instances where prescribed regulatory time limits are exceeded shall be immediately picked up by the system which will generate alerts.

  • Banks shall be able to effectively monitor related transactions, customer-wise, amount-wise, etc. considerably easing the follow up burden.

  • The system shall be universal in coverage, both in terms of (a) value of import transactions – every single import transaction will be tracked, and (b) type of import transaction – regardless of whether a transaction begins with an advance remittance to supplier or, by a Bill of Entry update in the system by Customs evidencing shipment arrival for which payment is required to be made within stipulated period.

The Reserve Bank of India, in collaboration with the Customs and other stakeholders has started working on the suggested IT based processing and monitoring system & the date of implementation of the new system will be notified separately.

Ajit Prasad
Assistant Adviser

Press Release : 2015-2016/2468

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions