RBI’s Gift for Importers for Ensuring Ease of Doing Business

RBI’s Gift for Importers for Ensuring Ease of Doing Business

In its bid to contribute significantly in ensuring ‘ease of doing business‘ in the country, the Reserve Bank of India (RBI) has launched a format to be followed by banks for reporting under Import Data Processing and Monitoring System (IDPMS).

NEW DELHI: “In order to enhance ease of doing business and facilitate efficient data processing for payment of import transactions and effective monitoring thereof, Import Data Processing and Monitoring System (IDPMS) has been developed in consultation with the Customs authorities and other stakeholders,” said RBI.

RBI said, banks were requested to be ready with the required IT changes in their system to generate or submit the data under IDPMS as per specified message format and technical specification.

As announced in the fourth Bi-monthly Monetary Policy Statement 2016-17 on October 4, all banks are advised that IDPMS will go live with effect from October 10 and are directed to use this for reporting and monitoring of the import transactions, it said.

Customs department has modified the Bill of Entry (BoE) format with effect from April 1 and SEZ from June 1 respectively, it said.

“Primary import transaction data (from Customs/SEZ) with effect from the above mentioned dates will be made available to respective banks in the IDPMS database for further processing,” it added.