3/10/2013

RBI to keep tabs on all export dealings

RBI to keep tabs on all export dealings TNN | Mar 10, 2013, 02.40AM IST NEW DELHI: Major irregularities have surfaced in the country's external trade with about 65%-96% of export data found not matching against their corresponding banking transactions. A recent check was conducted by the central bank which revealed that the unmatched data is worth more than Rs 2 lakh crore of exports. Bringing all export transactions under the scanner of the Reserve Bank of India (RBI), the government has asked the central bank to set up a monitoring cell that will coordinate with banks to track all banking transactions of exporters. "The automated and unified data processing and monitoring system will scan all exports from the country," minister of state for finance Namo Narain Meena had informed Parliament on Friday. Under this system, all data will flow first to the RBI server and then to authorized dealer banks. The government has already started matching export data with the direct transaction receipts generated by banks; the data received through forms filled by exporters with the Customs department; and the software exports data collected through declarations made in SOFTEX forms.

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