India’s commerce ministry soft-launched on November 15 the revamped electronic bank realisation certificate (eBRC)for self-certification by exporters to promote ease of doing business.
Banks issue an eBRC to an exporter as a confirmation that it has received the payment from a foreign buyer against export of goods or services.
The upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the Directorate General of Foreign Trade (DGFT), a notice by the latter said.
Exporters would self-certify their eBRCs based on the messages received.
“The enhanced eBRC system shall enable exporters to reduce transaction time and costs. It would also ease the burden on bankers by simplifying the reconciliation of IRMs [independent review mechanisms] with shipping bills, SOFTEX, invoices, etc. and promote ease of doing business in general,” the notice said.
“A soft launch of the revamped eBRC system is proposed with effect from November 15. Starting from given date, each bank will set its cut-off date based on their readiness after completing user acceptance testing,” DGFT said.
It will also organise exporter outreach programmes to demonstrate and raise awareness about the revamped system.