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RBI DRAFT NORMS FOR TRADE VIA E-COMMERCE

Context

The Reserve Bank of India has proposed modifying existing standards to rationalise and simplify the payment settlement procedure for imports and exports via e-commerce.

Key Points

  • The RBI has issued draught rules titled 'Processing and Settlement of Small Value Export and Import Related Payments' enabled by Online Export-Import Facilitators (OEIF).
  • The RBI currently allows banks to offer the facility of settlement and processing of export and import-related remittances.
  • It is accomplished by executing a contract with the Online Payment Gateway Service Providers (OPGSPs) to export services and commodities and import software and items.

What changes are being made to the guidelines?

  • With the expansion of the e-commerce sector, the RBI has received various feedback from various stakeholders and banks. 
  • Following a thorough analysis of the input, the Reserve Bank of India is revising the guidelines to rationalise and simplify the financial settlement procedure for import and export via e-commerce.

Transaction Limit

  • In terms of import transactions, the RBI has proposed that this option be made accessible for the online import of digital products and goods worth less than USD 3,000. In the case of exports, a USD 15,000 restriction has been proposed.

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