Electronic Data Processing and Monitoring System (EDPMS)
Introduction
Electronic Data Processing and Monitoring System (EDPMS) is a centralized electronic system designed to monitor foreign exchange transactions, including exports and imports manage by RBI Reserve Bank of India's.
Exporters are required to provide the Bank Realisation Certificate (BRC), also known as the Export Realisation Certificate (ERC), to claim benefits under various export-related schemes offered by the government of India. The BRC is issued by the authorized dealer banks (AD banks) in India, and it certifies that the exporter has received payment from the buyer in foreign currency.
The EDPMS is used by AD banks to report all foreign exchange transactions, including payments received against exports. Once a payment is received, the AD bank confirms the transaction in EDPMS and issues the BRC to the exporter.
The BRC is an essential document required for claiming various incentives and benefits provided by the government, such as duty drawback, tax refunds, and other export promotion schemes. It is also required for establishing the exporter's track record for future transactions and obtaining credit facilities.
Exporters need to submit shipping bills, commercial invoices, and other supporting documents to the AD bank within 21 days of the export shipment to obtain the BRC. The AD bank then verifies the documents and confirms the receipt of payment through EDPMS before issuing the BRC.
In summary, the BRC issued by AD banks is essential for exporters to claim incentives and benefits offered by the government and establish their track record for future transactions. The RBI's EDPMS system is used to monitor foreign exchange transactions related to exports and imports and confirms payment received before issuing the BRC.