The Reserve Bank of India has proposed to modify the existing norms that are in place with the aim of rationalizing and simplifying the process for payment settlement for imports and exports through e-commerce.
Overview:
- The draft guidelines named ‘Processing and Settlement of small value Export and Import related payments’ that are facilitated by Online Export-Import Facilitators (OEIF) have been issued by the RBI.
- Currently, the banks are permitted by the RBI to offer the facility of settlement and the processing of export and import-related remittances.
- It is done by entering into a contract with the Online Payment Gateway Service Providers (OPGSPs) with respect to the export of services and goods and the import of software and goods.
How are the guidelines being modified?
With the increase in the e-commerce ecosystem development, the RBI has received various feedback from several stakeholders and banks. After a comprehensive review of the feedback, the guidelines are being modified by the Reserve Bank of India to rationalize and simplify the settlement process of payment for import and export through e-commerce.
Transaction limit
Regarding import transactions, the RBI has proposed that this facility will be made available for the online import of digital products and goods that do not exceed the value of USD 3,000. In the case of exports, the limit of USD 15,000 has been proposed.