Top 10 Mistakes First-Time Freelancers Make with Cross-Border Transactions

  What is a Proforma Invoice A proforma invoice is a preliminary bill of sale sent to a buyer before a transaction is completed. It outlines the details of the proposed sale — including the products or services, quantities, value, delivery information, and payment terms — but it’s not a legally binding document or a formal demand for payment. “Pro forma” is Latin for “for the sake of form.” This guide by EximPe serves as an estimated invoice or quote, establishing the seller’s intent and detailing what the buyer should expect once the transaction is finalized. It’s especially important in international trade, where clarity on goods, costs, and terms is critical. Why Use a Proforma Invoice? (Purpose & Meaning) Clear cost estimate before sale This document acts like a formal quote that helps the buyer plan budget, arrange financing, or open a letter of credit — especially important in international trade. Negotiation & agreement tool Once the buyer confirms i...

  IDPMS Guide for Importers For Indian importers, compliance and accurate reporting to the Reserve Bank of India (RBI) are essential parts of running an international business. The IDPMS system is a digital backbone ensuring transparency, security, and efficiency in import transactions. But what does IDPMS mean, and why is it so important for importers today? What is the Full Form of IDPMS? IDPMS stands for Import Data Processing and Monitoring System. Introduced by the Reserve Bank of India, IDPMS is a centralized, online platform used to digitally track and monitor all import transactions that take place in India. IDPMS Meaning in Banking IDPMS is a digital system aimed at resolving the delays, inaccuracies, and disconnect that originated with paper-based monitoring of import payments and documentation. It creates a centralized repository for all stakeholders involved — banks, customs, importers, and regulators — enabling them to: Track the full import cycle from initi...

  How UTR Number Works in Different Payment Modes Once you wire money in India, there is a special reference number known as UTR number ( Unique Transaction references number ) that is assigned to each money transfer. This figure helps in monitoring, confirming and settling matters with regard to payments. However the UTR number differs by a small margin based on the mode of payment be it NEFT, RTGS, IMPS , or UPI. Through this guide from EximPe , you will know how the UTR number works in each mode of payment and how you can check it on the trendy apps such as Google Pay, phone, and Paytm. What is a UTR Number? Before going into the details, let’s start with the basic definition. UTR stands for Unique Transaction Reference. It is an alphanumeric code created automatically by the banking system to ensure that each electronic fund transfer is unique. You can think of it as a digital fingerprint for your money, helping to prevent any mixed-up transactions. This unique identi...

  UTR Number Banking today relies on secure, traceable transactions. Whether you are transferring money online or receiving payments, you will often see the term UTR number. But what does it mean, and why is it important? This guide by EximPe explains the full form, significance, and uses of UTR numbers in Indian banking, making the concept easy for everyone to understand. What Does UTR Number Mean? The UTR number is an alphanumeric code generated for each electronic fund transfer within India’s banking system. It stands for Unique Transaction Reference number and serves as a digital fingerprint for every transaction. This helps you and the bank track funds easily and securely. When you start a money transfer, whether through NEFT, RTGS, IMPS, or UPI, a UTR number is automatically created. This number distinguishes one transaction from another, providing security, traceability, and simplicity for both customers and banks. Why is the UTR Number Important? Tracking Payments: ...