5-Jun-2013
NEW DELHI: Directorate General of Foreign Trade (DGFT), under the commerce ministry, today signed an agreement with Delhi government for the use of electronic Bank Realisation Certificate (e-BRC), a move which will help in reducing transactions cost of exporters.
The e-BRC initiative leads to electronic transmission of foreign exchange realisation certificate from the banks to the DGFT's server on a daily basis. With this facility, there will be minimum human interface between the Commerce Ministry and the exporting community for grant of benefits.
It would help reduce transaction cost to exporters, who will not be required to make any request to bank for issuance of bank export and realisation certificate.
It establishs a seamless electronic data interchange connectivity among DGFT, banks and exporters.
Transmission of bank realisation against shipping bills has been made mandatory from August 2012.
"Eighty-one banks have transmitted more than 38 lakhs e-BRC to DGFT. DGFT has requested State Governments to use e-BRC in their efforts to refund VAT and other related tax administration. The central/state government departments have shown commendable response to this initiative," an official statement said.
The government of Delhi has become the second state to sign the MoU after Maharashtra.
"MoU was signed between DGFT and Commissioner (Trade and Taxes), Government of NCT of Delhi here today for the use of e-BRC," it said.
Source:-economictimes.indiatimes.com
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