The Reserve Bank of India (RBI) has directed banks to urgently resolve long-pending mismatches between trade and payment records in their systems. This move aims to improve compliance, ensure accurate trade data, and prevent businesses from being incorrectly flagged.
Oct 1, 2026
New Regulations Effective
⏳ Time Machine
How today’s news fits into the bigger picture
January 2016
EDPMS for Exports Introduced
The Electronic Data Processing and Monitoring System (EDPMS) was introduced for export transactions to streamline data submission and reconciliation, aiming to provide a comprehensive view of export outstanding.
December 2018
IDPMS for Imports Implemented
The Import Data Processing and Monitoring System (IDPMS) was rolled out to monitor import transactions and ensure timely submission of import documents, bringing imports under a similar monitoring framework as exports.
March 2020
COVID-19 Disruptions
The pandemic caused significant disruptions to global supply chains and trade, leading to delays in document submission and payment realization, potentially contributing to the accumulation of mismatches.
January 2026
New FEMA Regulations Notified
The Reserve Bank of India notified the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, consolidating export and import rules under a single instrument.
October 1, 2026
New FEMA Regulations Effective Date
The comprehensive new FEMA regulations governing exports and imports will come into full effect, necessitating cleaner data from banks for smoother implementation.
Today
RBI ordered banks to clear long-pending trade and payment record mismatches.
What happens next?
Banks must reconcile these mismatches by October 1, 2026, when new FEMA regulations take effect.
The Reserve Bank of India has issued a directive requiring commercial banks to address and reconcile historical discrepancies in their trade and payment records. These mismatches, often involving missing documents or incorrect entries in systems like the Electronic Data Processing and Monitoring System (EDPMS) for exports and Import Data Processing and Monitoring System (IDPMS) for imports, have accumulated over years. The central bank's mandate emphasizes the need for banks to verify client paperwork and transactions thoroughly to regularize genuine export-import cases. This initiative is crucial for enhancing overall compliance within the foreign exchange framework and ensuring the integrity of India's trade data.
💭 If you're wondering…
EDPMS stands for Electronic Data Processing and Monitoring System, an online platform used by the RBI to monitor export transactions and ensure that export proceeds are realized and repatriated within the stipulated timeframes.
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