In September 2015, the Reserve Bank of India (RBI) had issued the Processing and settlement of import and export related payments facilitated by Online Payment Gateway Service Providers (‘OPGSP). Thereafter in April, 2022 the Reserve Bank of India (RBI) placed on its website draft guidelines on ‘Processing and Settlement of small value Export and Import related payments’ facilitated by Online Export-Import Facilitators (OEIF) (erstwhile OPGSP).
The distinction between the two set of guidelines is produced below:
| S. No. | Particulars | OPGSP | OEIF |
| 1 | Opening of office | Foreign entities to open liaison office to act as OPGSP [Para 2.2] | Foreign entities to open an office to act as OEIF [Para 3.9] |
| 2 | Maximum value | Imports: USD 2000 [Para 3(i)]
Exports: USD 10000 [Para 4(i)] |
Imports: USD 3000 [Para 4.1]
Exports: USD 15000 [Para 5.1] |
| 3 | Transaction involved | Imports: Goods and Software [Para 3(i)]
Exports: Goods and Services [Para 4(i)] |
Imports: Goods and Digital products [Para 4.1]
Exports: Goods and Digital products [Para 5.1] |
| 4 | Import payments | Balances in Import Collection Account to be remitted to overseas exporter’s account within 2 days [Para 3(ii)] | Payment to be received from importer in Nodal account of OEIF and then remitted to Import Collection Account [Para 4.3 & 4.4]
Thereafter, to be credited to overseas exporter’s account as per period agreed b/w him and OEIF [Para 4.5] |
| 5 | Mode of collection from Indian importer | Credit card, debit card and net banking [Para 3(iv)] | Credit card, debit card, UPI, net banking or any other online payment methods as specified in Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 [Para 4.2] |
| 6 | Export payments | Funds to transfer from Notional account of exporter to Nostro collection account [Para 4(ii)]
Thereafter, to be transferred to Export Collection Account in India within 7 days [Para 4(iii)] |
Funds to be credited in Nostro Account within such period as decided by Indian exporter and OEIF [Para 5.2]
Thereafter, to be transferred to Export Collection Account in India within time period as agreed upto 5 days [Para 5.3] |
| 7 | Permitted credits and debits – Imports | Import Collection Account: [Para 3(iv) & (v)]
i. collection from Indian importers for online purchases from overseas exporters ii. charge back from the overseas exporters iii. payment to overseas exporters iv. payment to Indian importers for returns and refunds v. payment of commission vi. bank charges |
Nodal Account and Import Collection Account: [Para 4.6]
i. online payment for imports through e-commerce ii. refund for such transactions iii. statutory payments payable under law, bank charges and any other charges permitted as per the agreement between the overseas seller and OEIF |
| 8 | Permitted credits and debits – Exports | Export Collection Account: [Para 4(iv) & (v)]
i. payment to Indian exporters’ accounts ii. payment of commission iii. charge back to the overseas importer iv. repatriation from the NOSTRO collection accounts |
Export Collection Account: [Para 5.4]
i. realize export proceeds for online exports ii. refund for such transactions iii. statutory payments payable under law, bank charges and any other charges permitted as per the agreement |
Notes:
1. The entity acting as OEIF can be from India or a foreign entity. [Para 3.9]
2. OEIF facilitating imports as Payment Aggregator, shall be a company in India established under Indian Companies Act, 2013. It shall also be required to take authorization under PSS Act 2007. [Para 3.10]
3. Existing OEIFs having contract with AD banks shall apply for required authorization from DPSS in terms of the extant guidelines within a period of 90 days from the date of issuance of the circular. [Para 3.13]
4. Further, OEIF facilitating import transactions will be required to maintain a nodal account to route funds from the importer to OEIF’s import collection account.
Author Bio
can the payment received through OPGSP can be other then export receipts and whether if amount already received whether purpose code can be changed for capital receipts ?