Eight Lakh E-BRCs issued in First three Months – DGFT Writes to heads of Banks to Address E-BRC issues
As nearly eight lakh Electronic Bank Realisation Certificates (eBRCs) have been issued in the first three months since the introduction of eBRC on August 17, 2012, Director General of Foreign Trade (DGFT) Dr. Anup K Pujari has written to Chairpersons of all the banks to address the issues pertaining to eBRC. “We are trying to bring down the transaction cost for everyone involved – exporters, government and banks…effort is to make available all the relevant information to the stakeholders without compromising the privacy,” said Dr. Pujari who reviewed the progress of eBRC with banks here today.
Bank Realisation Certificate (BRC) is issued by a bank after realisation of export proceeds in the country. It is an important document required for claiming benefits under various FTP schemes. In addition, BRC data is used by VAT, Income tax and Drawback departments. Moving towards paperless trade and with a view to reduce transaction cost, DGFT, with effect from August 17 this year, has introduced eBRC and stopped accepting physical copy of BRC. The eBRC module developed by DGFT enables electronic transmission of foreign exchange realisation from banks to DGFT server. This process is made secure by use of digital certificate.
Claiming that the scheme is running successfully, Dr. Pujari informed that 104 bank have been issued user ID code by DGFT. Out of this 62 banks have been registered with DGFT and they have transmitted 7,87,874 e-BRC to DGFT server.
eBRC is available for Chapter 3, DEPB and DFIA. It will be extended to Export Obligation Discharge Certificate (EODC) within a month. “DGFT is aiming to be the most digital friendly department in the government and adoption of electronic means will strengthen transparency, speed and responsiveness of the department while bringing down the transaction cost for everyone,” said Dr. Pujari.