If you are an importer in India, IDPMS is a compliance requirement you cannot ignore. Just like EDPMS tracks exports, IDPMS tracks every import transaction you make.
What is IDPMS?
IDPMS stands for Import Data Processing and Monitoring System. It is an RBI platform that monitors import payments made by Indian importers against their import bills.
Every time you import goods into India, the Bill of Entry is automatically uploaded to IDPMS by customs authorities. Your bank can see this data and is required to match it against the payment you make to your foreign supplier.
Why Does IDPMS Matter for Importers?
Under FEMA, every import payment must be supported by a genuine import transaction. The RBI uses IDPMS to ensure that foreign exchange released for imports is actually used for the stated purpose and that goods have actually been received in India.
What is an Outstanding IDPMS Entry?
When an importer makes a payment to a foreign supplier but the corresponding Bill of Entry is not matched in IDPMS, it creates an outstanding entry. This can happen due to delay in customs filing, mismatch in invoice amounts, advance payments where goods are yet to arrive, or wrong data entry at customs.
How is an IDPMS Entry Closed?
An IDPMS entry is closed when the bank matches the import payment against the Bill of Entry in the system. The importer needs to submit the Bill of Entry copy, import invoice, declaration confirming receipt of goods, and any other documents required by the bank. The bank then marks the entry as closed in IDPMS.
What Happens if IDPMS Entries Remain Outstanding?
Bank will follow up regularly for closure. Future import remittances may be delayed. RBI may initiate action for persistent outstanding entries. FEMA violation proceedings may be initiated.
Key Takeaway
IDPMS is RBI’s tool to ensure every rupee of foreign exchange used for imports is accounted for. Always ensure your Bills of Entry are filed correctly and submitted to your bank promptly.
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