8 lakh eBRCs issued to exporters: Commerce Ministry

BRC data is used by VAT, income tax and drawback departments

PTI | November 22, 2012



The Commerce Ministry on Monday said eight lakh electronic Bank Realisation Certificates (eBRCs) have been issued to exporters in the first three months since its introduction, a move aimed at reducing transaction costs for exporters.

eBRCs were introduced on August 17. These are issued by banks after realisation of export proceeds in the country. It is an important document required for claiming benefits under various foreign trade policy schemes.

"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," an official statement quoting Director General of Foreign Trade (DGFT) Anup K Pujari said.

Pujari today reviewed the progress of eBRC with banks in New Delhi.

He has written to Chairpersons of all the banks to address the issues pertaining to eBRCs.

BRC data is used by VAT, income tax and drawback departments.

"Moving towards paperless trade and with a view to reduce transaction cost, DGFT has introduced eBRC and stopped accepting physical copy of BRC," it said.

The eBRC module enables electronic transmission of foreign exchange realisation from banks to DGFT server. This process is made secure by use of digital certificate.

Further it added that adoption of electronic means will strengthen transparency, speed and responsiveness of the department while bringing down the transaction cost for everyone.

The quantum of transaction cost is about 7-10 per cent of total value of Indian exports. This amounts to a significant, about USD 15 billion.

Comments

 

Other News

Gandhian movement after Gandhi failed: Ram Guha

The Gandhian movement in India, after Gandhi’s death, failed, says Ramachandra Guha, and blames Vinoba Bhave for it. But the movement found new, fertile grounds around the world and succeeded in bringing about a change in South Africa, the US and elsewhere. It is high time it returned home. Of cour

When religion, politics and Bollywood come together

Tavleen Singh, noted journalist and political commentator, has turned to fiction, with her debut novel ‘The Actor’ (HaperCollins India). Set in the near future, it has a superstar, Amit Singh, turning to politics, when the political landscape is dominated by prime minister Guru Gaynendraj

Cabinet approves setting up of Integrated Transport & Logistics Authority

The union cabinet, chaired by prime minister Narendra Modi, on Tuesday approved the setting up of a Special Purpose Vehicle (SPV), called Integrated Transport & Logistics Authority (ITLA), to strengthen research, planning, appraisal, monitoring and impact assessment within the broad domains of Transp

Why foundational literacy and numeracy is key to school education

Foundational Literacy and Numeracy (FLN) are often described as the building blocks of education. Yet, their significance goes well beyond a child’s ability to read a sentence, write a response or solve a basic mathematical problem. These foundational skills shape how children understand the world,

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter