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Govt Issues 8 Lakh eBRCs to Exporters 27 Nov 2012  
Govt Issues 8 Lakh eBRCs to Exporters

Govt Issues 8 Lakh eBRCs to Exporters

 

“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 with compromising the privacy.”

 

NEW DELHI, As exports have been continuously falling, the government has decided to take several urgent steps in this regard.

It had been observed that one of the major problems faced by exporters was the increasing transaction cost. In order to facilitate exporters, the government issued 8 lakh electronic Bank Realisation Certificates (eBRCs) in the first three months after its introduction on August 17.

The eBRC is a vital document for exporters which is required for claiming benefits under various Foreign Trade Policy schemes and is issued by banks after realization of export proceeds in the country.

The Director-General of Foreign Trade (DGFT), Mr Anup K. Pujari, said. “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.”

It is reported that Mr Pujari had asked all banks to deal with the issues pertaining to eBRCs.

Henceforth, DGFT would not accept physical copy of BRC, a data used by value-added tax (VAT), income-tax and drawback departments, sources said.

Sources said that since eBRC uses digital certificate, the process was secured. The new system would also increase transparency, speed and responsiveness of the department while bringing down the transaction cost for everyone.

The transaction cost would be about $15 billion, which was around 7-10 per cent of the total value of exports.

 

 

(Source: Exim India Dt. 23.11.2012)

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