One of my client is an exporters. Recently he got mail from RBI regarding pending EDPMS outstanding pertaining to earlier years say from 2015-16 to 2019-20. The bank has made mistake in matching the payments with shipping invoice resulting in unmatched shipping bills. They have alrey issued a BRC for the same. How to close this with RBI
This is something like arduous as you have to use rectification of errors to rectify this error. This falls as changes in accounting estimates in AS. This is in your books, and I guess you will have to settle past obligations as well. Take their bra- update your past statements- clear current outstanding balances.
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