To prepare for the revised FEMA framework, businesses should consider the following actions:

1. Review outstanding export receivables:

Identify overdue invoices and monitor realisation deadlines.

2. Review buyer-wise exposure:

Identify buyers with long-outstanding export proceeds and assess restrictions on further supplies.

3. Update service export reporting:

Review EDF requirements, monthly reporting, and PAN details.

4. Reconcile EDPMS and IDPMS:

Identify open entries, missing documents, and transactions eligible for closure or write-off.

5. Review import advances:

Track advances for which evidence of import or refund remains outstanding.

6. Check contractual payment terms:

Ensure export and import contracts clearly establish payment and delivery obligations.

7. Document set-off arrangements:

Maintain evidence supporting eligible adjustments between export receivables and import payables.

8. Coordinate with the AD Bank:

Confirm the applicable documentation, approvals, reporting requirements, and timelines for individual transactions.

9. Review merchanting trade arrangements:

Check the six-month completion timeline and applicable conditions for third-party payments.

10. Maintain an audit trail:

Preserve contracts, invoices, declarations, bank correspondence, shipping documents, and other supporting evidence.