The Reserve Bank of India vide its notification dated 7th April 2022, has notified the draft guidelines on ‘Processing and Settlement of small value Export and Import related payments’ facilitated by Online Export-Import Facilitators (OEIF) and has invited Comments/feedback from all stakeholders. Comments/feedback may be forwarded through email by April 24, 2022 with the subject line “Feedback on draft OEIF Guidelines”.
The Authorised dealer banks have been permitted to offer the facility of processing and settlement of import and export related remittances by entering into standing contract with Online Payment Gateway Service Providers (OPGSPs) in respect of export of goods and services as well as import of goods and software.
The Import transaction facility shall be available for online import of goods and digital products (as permitted in the extant Foreign Trade Policy) of value not exceeding USD 3,000 (US Dollar Three Thousand) only and the Collection of payment from importer in India shall only be through online payment mode using credit card, debit card, UPI, net banking or any other online payment methods as specified in Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016.
The export facility shall only be available for export of goods and digital products (as permitted in the prevalent Foreign Trade Policy) of value not exceeding USD 15,000 (US Dollar Fifteen thousand) only. AD banks providing such facilities shall open a Nostro Account or use their existing Nostro account for receipt of the export related payments through such contract. The time taken to credit the payment in the Nostro account of the AD bank once it is received from the overseas buyer shall be as per the agreement between the exporter in India and OEIF(Online Export-Import Facilitators).
