The notification seeks to simplify the closure of entries in the Export Data Processing and Monitoring System (EDPMS) and Import Data Processing and Monitoring System (IDPMS), specifically targeting small-value transactions. It allows Authorised Dealer (AD) Category-I Banks to reconcile and close export and import entries valued at Rs 10 lakh per entry/bill or less based solely on a declaration provided by the concerned exporter or importer. it also permits banks to accept any reduction in the declared or invoice value for these bills based on the same self-declaration.