The Reserve Bank of India (RBI) has announced a significant easing of shipping bill closure rules, which has been positively received by the Gem & Jewellery Export Promotion Council (GJEPC). The new notification allows banks to close outstanding small-value shipping bills in the Export Data Processing and Monitoring System (EDPMS), simplifying the process for exporters, especially in the e-commerce sector.
This initiative, which is part of the RBI’s efforts to streamline retail exports, introduces a de-minimis threshold for regularising shipping bills. Under the new dispensation, Authorised Dealer (AD) Category-I banks can close shipping bills valued up to USD 1,000 (or its equivalent in Indian rupees), provided certain conditions are met. These include verification of the legitimacy of the transaction, receipt of export proceeds, and compliance with Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT) regulations. Additionally, the exporter must not be under investigation or involved in any court cases related to these transactions.
Vipul Shah, Chairman of the GJEPC, expressed support for the new measure, stating that the introduction of a de-minimis threshold will simplify the process of regularising shipping bills for small-value exports. He emphasized that this move will significantly benefit gem and jewellery exporters, particularly those involved in e-commerce, by reducing administrative burdens and speeding up the closure of outstanding bills. This measure is set to remain in effect until March 31, 2025.
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