Electronic Monitoring of Exports
Electronic Monitoring of Exports (EME) replaces the paper-based system of recording payments in respect of exports, effectively doing away with the F178 form. The EME enhancement complies with current SA Reserve Bank requirements, and incorporates Retail Forex and Bank Trade functionality.
Information entered into the EME system is shared with SARB and the Customs division of the SA Revenue Service. This information is used to link the physical flow of goods out of the country (exports) with the flow of funds into the country in respect of those exports (export funds or receipts).
The implementation of the EME system allows cross-border foreign exchange flows to be reported to the SARB’s Exchange Control department by banks and other authorised dealers.
Features and benefits:
- The system is fully compliant with the requirements of the SA Reserve Bank
- The use of transaction-specific reference codes in the EME process (viz. the Export Control Number and Unique Consignment Reference) ensures a higher level of accuracy
- The phasing out of the F178 form does away with paper-based record keeping
- Information is relayed instantly, which helps to speed up the administration process
- Records may be submitted on weekends and public holidays when banks are closed