Our company has exported goods to Nepal and remittance received in rupees from Nepal through NEFT/RTGS route. The Shipping Bill transactions i.e. goods exported to Nepal showing as outstanding in EDPMS (Export Data Processing and Monitoring System ) list. Since remittance received from Nepal customer through NEFT/RTGS transactions, ICICI bank asking NOC certificate from remitter's bank or MT103.
Due to above reason Shipping bills pending for e-BRC and customs also sending reminders for closure of this shipping bill, please advice how make it possible to do e-BRC from bank end. Further, the below citation is also seen in RBI portal where these transactions no need to report to RBI.
Methods of Payment for Export of Goods and Services to Nepal and Bhutan
6. Rupee transfers from accounts in India of Indians, Nepalese and Bhutanese resident in Nepal and Bhutan as well as of Indian, Nepalese and Bhutanese firms, companies or other organisations (including banks) functioning in these countries against exports to these countries from India or against any other transaction can be made freely without reference to Reserve Bank.
06 July 2024
Based on the information provided and the RBI guidelines for exports to Nepal, here’s how you can proceed to resolve the issue of pending Shipping Bills for e-BRC (Export Realisation Certificate) from the bank:
### Steps to Resolve the Issue:
1. **Documentation Verification:** - Ensure that all export documentation, including Shipping Bills, Invoice, and other relevant export documents, are in order and readily accessible.
2. **Communicate with ICICI Bank:** - Provide ICICI Bank with the RBI guidelines and the specific citation regarding rupee transfers from accounts in India for exports to Nepal. - Clarify that these transactions do not require an NOC certificate from the remitter's bank or MT103, as per RBI regulations.
3. **Request for e-BRC Processing:** - Request ICICI Bank to process the e-BRC for the exports to Nepal based on the remittance received through NEFT/RTGS. - Provide all necessary documents and information to facilitate the e-BRC issuance.
4. **Follow-up with Customs:** - Inform Customs about the pending e-BRC issuance and provide them with the status updates from ICICI Bank regarding the processing. - Assure Customs of your efforts to resolve the matter promptly.
5. **Monitor and Follow Through:** - Monitor the progress closely and follow through with ICICI Bank to ensure timely processing of the e-BRC. - Keep all stakeholders informed of any updates or additional requirements that may arise.
### RBI Guidelines:
- Refer to the RBI guideline cited, which states that rupee transfers from accounts in India for exports to Nepal do not require RBI reference or approval. - Provide this information to ICICI Bank to support your case for processing the e-BRC without the need for additional certificates or MT103.
### Conclusion:
By effectively communicating the RBI guidelines to ICICI Bank and providing all necessary documentation, you should be able to facilitate the processing of the e-BRC for your exports to Nepal. Ensure ongoing communication with both ICICI Bank and Customs to expedite the closure of the Shipping Bills and maintain compliance with regulatory requirements.
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