Mumbai - In a move welcomed by the GJEPC, the Reserve Bank of India (RBI) has issued a notification allowing banks to close outstanding small-value shipping bills in the Export Data Processing and Monitoring System (EDPMS). Notably, under its initiative to streamline retail exports via e-commerce, GJEPC has been advocating for the introduction of a de-minimis threshold for regularising shipping bills.
The dispensation, applicable until March 31, 2025, allows Authorised Dealer (AD) Category-I banks to close shipping bills valued at USD 1,000 (or its Indian rupee equivalent) subject to certain conditions. These conditions . . .
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