The event was organized by FIEO on Capacity Building Programme: Awareness Programme on Exports India@75 – District As Export Hub. One of the Topics at the event was Trade Compliance under RBI Guidelines Trade compliance, unlike any other compliance, be it Income Tax, Company fillings is an important aspect of corporate compliance that ensures that all import and export transactions are in conformance with the laws and regulations of the countries involved. Adherence to trade compliance best practices is also important for in-country transfers of goods manufactured aboard.

In today’s global marketplace, companies do business both within and outside India. Their Supply chain depends on following various free trade agreements, international trade regulations, and tariff classification.

Large companies often have a trade compliance team or trade, compliance manager. Yet, even with these specialties, many companies unintentionally receive import and export violations. These violations lead to hefty penalties and fines for failure to comply with trade regulations.

Keeping these points in view one of the Topics at the event on Trade Compliance under RBI Guidelines was arranged to give an overview of the basic points about the following topics to be taken care of while doing the trade transaction.

• Compliance on EDPMS – a key component for Export Compliance Under this topic, various scenarios were discussed, regarding EDPMS updation pending and the solution thereof
• MTT – Merchanting Trade Transaction. Despite the guidelines prescribed there are many breaches that happen in the MTT transaction
• Brief update and discussion of the points to be taken care of for Trade under Rupee Mechanism, which has been recently introduced by RBI

This session was enlightening, regarding issues faced by the industry with various operational issues in compliance with International Trade and RBI regulations.

If we as a country want an era of atmanirbharbharat and promote exports, its imperative that the adherence to compliance be there to have a hassle-free trade transactions

For any such requirement on Trade Finance/Export and Import regulation, you may connect with Sriya Enterprise (+91 982 537 5241)