Emails that are not meant for me: Closure of Small-Value Shipping Bills

Friday, 25 April 2025

Closure of Small-Value Shipping Bills

Dear Customer,

The realisation and repatriation of Foreign Exchange are statutory requirements under the Foreign Exchange Management Act (FEMA), 1999. In the case of exports, this process is managed through the EDPMS (Export Data Processing and Monitoring System), where inward remittances are matched against exporters' shipping bills. Due to the inclusion of courier shipping bills in EDPMS, outstanding entries for small-value shipping bills have significantly increased, forming a major component of pending cases.

To streamline the closure of such cases, the Reserve Bank of India (RBI) has issued letter to Banks for facilitating closure of cases where:

•	Shipping bill value is up to USD 1,000 (or INR equivalent)

•	The Authorised Dealer (AD) Bank is satisfied with the bona fide nature of the transaction

•	Funds have been received against the export

•	There are no Know Your Customer (KYC) / Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) concerns

•	The exporter is not under investigation or court proceedings for the transaction.

This dispensation will be available till Sep 30, 2025.

Accordingly, ICICI Bank has adopted a simplified framework for closure of small value shipping bills.

We encourage you to take advantage of this extended framework and submit the necessary documents / details to our trade desk enabled branches at the earliest for timely closure of outstanding shipping bills below USD 1,000 (or INR equivalent) in EDPMS.

For any queries or further assistance, please contact your Relationship Manager or visit any ICICI Bank Branch.

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