@kisankonnect where is the Ghee I ordered? Fix your packaging issue, I am chasing ur team since 2 days.
No one respond. Pathetic service
@jagograhakjago please help.
The EDF (Export Declaration Form) rules are now in effect, and it seems like RBI and banks have conspired to create a new hell. Or actually 5 hells.
I consult for an American company. Raised October invoice. Received the Inward remittance. And bang! Mail from @HDFC_Bank detailing everything needed before the payment can be processed.
Let me tell you what the 5 hells are:
1. The hell of confusion – RBI clarified last month that the EDF rules do not apply to individuals. But looks like they haven’t told the banks. And CAs also don’t seem to know. There’s no official communication on who is exempt. Last I checked, I was an individual. No company, no LLP. But HDFC still wants me to file the EDF to credit my payment.
2. The hell of complexity – See the attached pic of the form the bank has sent in excel. It has 5 sheets. To be filled and submitted. Some abstruse acronyms like “AD” - no clue what it means. Some fields are mandatory. Some fields are to be filled by the bank. No idea which is what. And it needs a physical signature. Which leads to...
3. The hell of paperwork - They also sent a pdf with a bunch of request letters. I’m supposed to choose the right letter, print, sign, scan and submit. Creating more paper today is incredibly silly. And, I suppose, someone in the bank will have to upload all this somewhere. Reminds me of those hand-filled immigration forms. Pointless.
4. The hell of repetition – At least for me, most of the details are constant. One client, one payment. If it’s a one-time exercise, fine. I’ll grit my teeth and get it done. But no. These details have to be given month after month. Else… no payment will be credited.
5. The hell of unpreparedness – It would have been simple enough for RBI or HDFC to create an online portal for this. With dropdowns, saved formats, contextual help, etc. to at least make this easy. But that would be too convenient, no? So, they’ve chosen to dump the entire burden on the taxpayer.
I have no opinion or understanding of why this is needed. Maybe it is critical information. Okay! But why make the process so confusing and painful?
And poor communication has meant that the banks have just passed on the pain to the exporter, and even CAs can’t help.
Basically RBI & HDFC feel I should consult less, and comply more. Maybe my client will also agree :)
What’s the form to be filled by builders when they accept 70% in cash for a project ?
Asking for common citizens who are forced to pay cash to purchase a property.
You seem to have forms for everyone to fill when getting money. 🙏
@nsitharaman@RBI
I bill foreign client. Foreign client remits money. Comes to my bank. They ask for purpose code. I give. Money gets converted to rupees, and credited.
All smooth. Like a newly laid road.
But then what do we do when we see a newly laid road? Yes. Put a badly designed speed-breaker.
RBI seems to have done just that with their new EDF rule.
0% benefit. 100% headache.
🚨 India Should Get Rid of Useless Compliances
Now Export Declaration Form (EDF) is Mandatory From October 1 For Good & Services
Submit This Declaration Within 1 Month
Else Banks Can Withhold Foreign Payments
Unnecessary Making Life Complicated For People
@ZeptoNow what is wrong with your cold chain management of products like Milk mist skyr. We pay the bomb for expensive yogurt and you send the stale, sour and spoiled items even in exchange. This is sheer in competence and playing with customer health
Order number NSPMJMMWC03884
@WesternRly Journey experiencr on your premium trains like August Kranti Rajdhani have nose dived.
I have been traveling on this route for years. Today in this train everything stinks. Seat, Bedsheet, Coach. God knows what kind of bacteria and mold we are getting expose too.
@ruchikokcha These 20 something misogynist doesn't have money to spend on Sunidhi Chauhan concert. She was phenomenal. Hand down best performer right now.
@_manuvers@ruchikokcha Sunidhi chauhan concert was class apart. Who said she looks un comfortable in those clothes? She owned every inch of the stage presence, dance, dresses, stamina, endurance, singing and skills.
Last quarter I rolled out Microsoft Copilot to 4,000 employees.
$30 per seat per month.
$1.4 million annually.
I called it "digital transformation."
The board loved that phrase.
They approved it in eleven minutes.
No one asked what it would actually do.
Including me.
I told everyone it would "10x productivity."
That's not a real number.
But it sounds like one.
HR asked how we'd measure the 10x.
I said we'd "leverage analytics dashboards."
They stopped asking.
Three months later I checked the usage reports.
47 people had opened it.
12 had used it more than once.
One of them was me.
I used it to summarize an email I could have read in 30 seconds.
It took 45 seconds.
Plus the time it took to fix the hallucinations.
But I called it a "pilot success."
Success means the pilot didn't visibly fail.
The CFO asked about ROI.
I showed him a graph.
The graph went up and to the right.
It measured "AI enablement."
I made that metric up.
He nodded approvingly.
We're "AI-enabled" now.
I don't know what that means.
But it's in our investor deck.
A senior developer asked why we didn't use Claude or ChatGPT.
I said we needed "enterprise-grade security."
He asked what that meant.
I said "compliance."
He asked which compliance.
I said "all of them."
He looked skeptical.
I scheduled him for a "career development conversation."
He stopped asking questions.
Microsoft sent a case study team.
They wanted to feature us as a success story.
I told them we "saved 40,000 hours."
I calculated that number by multiplying employees by a number I made up.
They didn't verify it.
They never do.
Now we're on Microsoft's website.
"Global enterprise achieves 40,000 hours of productivity gains with Copilot."
The CEO shared it on LinkedIn.
He got 3,000 likes.
He's never used Copilot.
None of the executives have.
We have an exemption.
"Strategic focus requires minimal digital distraction."
I wrote that policy.
The licenses renew next month.
I'm requesting an expansion.
5,000 more seats.
We haven't used the first 4,000.
But this time we'll "drive adoption."
Adoption means mandatory training.
Training means a 45-minute webinar no one watches.
But completion will be tracked.
Completion is a metric.
Metrics go in dashboards.
Dashboards go in board presentations.
Board presentations get me promoted.
I'll be SVP by Q3.
I still don't know what Copilot does.
But I know what it's for.
It's for showing we're "investing in AI."
Investment means spending.
Spending means commitment.
Commitment means we're serious about the future.
The future is whatever I say it is.
As long as the graph goes up and to the right.