27 February 2021
We have exported shipments to iran and we have received the the payment in INR. The bank is not regularising the shipping bills as they are not authorized for iran transactions settlement in EDPMS.
What is the process for regularising the above transactions ?
09 July 2024
Regularizing transactions where the payment is received in INR for exports to Iran involves complying with the regulations set forth by the Reserve Bank of India (RBI) and other relevant authorities. Here’s a general process you can follow:
### Step-by-Step Process to Regularize Transactions:
1. **Contact the Authorized Dealer (AD) Bank:** - Since your current bank is not authorized for Iran transactions settlement in EDPMS (Export Data Processing and Monitoring System), contact an AD Bank that is authorized for such transactions. AD Banks are banks authorized by the RBI to deal in foreign exchange transactions. - Provide them with all necessary documents related to your export transactions to Iran.
2. **Submit Documentation:** - Provide copies of your shipping bills, export invoices, and any other relevant export documents to the AD Bank. - Ensure all documents comply with export regulations and are accurately filled out.
3. **Submit Foreign Exchange Declaration Form (FED):** - You may need to submit a Foreign Exchange Declaration Form (FED) to the AD Bank. This form declares that the export proceeds (payment received in INR) will be repatriated to India in foreign exchange. - The AD Bank will guide you on the specific FED form required for your transaction.
4. **Authorization and Approval:** - The AD Bank will process your request for regularizing the transaction. - They will seek approval from the RBI or other relevant authorities if necessary.
5. **Follow-Up and Compliance:** - Follow up with the AD Bank to ensure the process is progressing smoothly. - Ensure compliance with all regulatory requirements throughout the process.
### Additional Considerations:
- **Compliance with Export Regulations:** Ensure all export documentation, including shipping bills and invoices, comply with the regulations of both India and Iran. - **Currency Conversion:** If required, the AD Bank will assist in converting INR received to the appropriate foreign currency as per regulations. - **Timeframe:** The process timeline can vary based on the specific requirements and approvals needed. Stay in regular contact with the AD Bank for updates.
### Note: - It's crucial to work closely with an AD Bank that is authorized for Iran transactions to avoid any delays or non-compliance issues. - If you face challenges or need further guidance specific to your situation, consider consulting with a professional familiar with export regulations and foreign exchange transactions.
By following these steps and ensuring compliance with regulatory requirements, you can proceed with regularizing your export transactions to Iran smoothly and in accordance with applicable laws.
09 July 2024
Regularizing transactions where the payment is received in INR for exports to Iran involves complying with the regulations set forth by the Reserve Bank of India (RBI) and other relevant authorities. Here’s a general process you can follow:
### Step-by-Step Process to Regularize Transactions:
1. **Contact the Authorized Dealer (AD) Bank:** - Since your current bank is not authorized for Iran transactions settlement in EDPMS (Export Data Processing and Monitoring System), contact an AD Bank that is authorized for such transactions. AD Banks are banks authorized by the RBI to deal in foreign exchange transactions. - Provide them with all necessary documents related to your export transactions to Iran.
2. **Submit Documentation:** - Provide copies of your shipping bills, export invoices, and any other relevant export documents to the AD Bank. - Ensure all documents comply with export regulations and are accurately filled out.
3. **Submit Foreign Exchange Declaration Form (FED):** - You may need to submit a Foreign Exchange Declaration Form (FED) to the AD Bank. This form declares that the export proceeds (payment received in INR) will be repatriated to India in foreign exchange. - The AD Bank will guide you on the specific FED form required for your transaction.
4. **Authorization and Approval:** - The AD Bank will process your request for regularizing the transaction. - They will seek approval from the RBI or other relevant authorities if necessary.
5. **Follow-Up and Compliance:** - Follow up with the AD Bank to ensure the process is progressing smoothly. - Ensure compliance with all regulatory requirements throughout the process.
### Additional Considerations:
- **Compliance with Export Regulations:** Ensure all export documentation, including shipping bills and invoices, comply with the regulations of both India and Iran. - **Currency Conversion:** If required, the AD Bank will assist in converting INR received to the appropriate foreign currency as per regulations. - **Timeframe:** The process timeline can vary based on the specific requirements and approvals needed. Stay in regular contact with the AD Bank for updates.
### Note: - It's crucial to work closely with an AD Bank that is authorized for Iran transactions to avoid any delays or non-compliance issues. - If you face challenges or need further guidance specific to your situation, consider consulting with a professional familiar with export regulations and foreign exchange transactions.
By following these steps and ensuring compliance with regulatory requirements, you can proceed with regularizing your export transactions to Iran smoothly and in accordance with applicable laws.
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