Do you know how ISO 20022 gained supremacy over SWIFT messages?

ISO 20022 (pronounced ‘ISO twenty-oh-twenty-two’) or Universal financial industry message scheme (also called” UNIFI”) is a global standard for exchanging electronic messages between financial institutions. The ISO 20022 standard covers financial information transferred between financial institutions that include payment transactions, securities trading, and settlement information, credit as well as debit card transactions, Foreign Exchange transactions,…

RBI revives instructions about Refund of Export Proceeds of goods exported from India

In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, /“Write-off” of unrealized export bills, /Set-off of Export receivables against Import payables/ as well as ‘Refund of Export Proceeds of goods from India’. In terms of RBI…

RBI permits banks to Set-off of Export receivables against Import payables

RBI permits AD banks to Set-off outstanding export receivables against outstanding import payables from/to the same overseas buyer/supplier. In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, / “Write-off” of unrealized export bills,/ Refund of Export…

RBI offers greater flexibility on ‘write-off’ of unrealized export bills

As announced in Statement on Development and Regulatory Polices dated December 4, 2020, RBI revised extant procedure and delegates the grater flexibility to AD banks in respect of “write-off” of unrealized export bills. The exporter other than the Status Holder Exporter may self-write off 5% of total export proceeds realized during the calendar year proceeding…

Now Banks may regularize Direct Dispatch of Shipping Documents to the consignee for any value

As announced in Statement on Development and Regulatory Policies dated December 4, 2020, RBI delegates more power to AD banks in the areas like Direct Dispatch of Shipping Documents, “Write-off” of unrealized export bills, Set-off of Export receivables against Import payables, Refund of Export Proceeds. Direct Dispatch of Shipping Documents: With a view to simplifying…