New Delhi: The Reserve Bank of India on Thursday proposed to revise the existing norms to simplify and rationalize the process of settlement of payments for exports and imports through e-commerce.
RBI has issued draft guidelines on ‘Processing and settlement of small value export and import related payments’ facilitated by Online Export-Import Facilitators (OEIFs) (erstwhile OPGSPs).
“On a comprehensive review, with the development in the ecosystem for e-commerce and the feedback received from banks and other stakeholders, the existing guidelines are being revised to enable settlement of payments for exports and imports through e-commerce. The process may be further simplified and rationalised,” it said.
On import transactions, the central bank has proposed that this facility will not be available for online import of goods and digital products worth more than USD 3,000.
In case of exports, the limit has been proposed at USD 15,000. Read also: After Ashneer Grover’s ‘Ab Nani Yaad Aayegi’ remark, BharatPe says it registered 4X sales growth
At present, banks are allowed to facilitate the processing and settlement of import and export-related remittances by entering into permanent contracts with Online Payment Gateway Service Providers (OPGSPs) in respect of export of goods and services as well as import of goods and software. allowed to offer. , Read also: Free IPL Matches, UPI Rewards, Bill Payments: Tata New App Live With Big Offers
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