What Is The Full Form Of IDPMS In Banking?
IDPMS full form in banking is Import Data Processing and Monitoring System. It actually is a central platform set up by the Reserve Bank of India (RBI) to keep an eye on transactions involving imports, you know? This system, which was introduced on October 10, 2016, aids in tracking and reporting import payments made through Authorized Dealer (AD) banks, simple as that! It combines data from Customs and Special Economic Zones (SEZs), which makes sure that all financial transactions related to imports go easily and correctly, no matter what.
Why Is IDPMS Important?
In the world of banking, IDPMS is like the backbone for all import transactions. For every import payment out there, AD banks have to send Outward Remittance Messages (ORMs). This ensures that all necessary paperwork, such as the Bill of Entry (BoE), is turned in and aids in tracking where the money is going.
IDPMS’s ability to match ORMs with the right BoEs is one of its best benefits. This is important because it closes the loop by making sure that the payment data matches the real goods coming in as recorded by customs.
How Does It All Work?
To be on the right side of IDPMS, AD banks must upload all import payments that are still pending along with any connected documents. Things on the BoE, like the number, port code, and date, must match what’s in the ORMs for the system to work.
