India to pilot eBRC system for exporters on November 15: Important details

On November 15, India’s Ministry of Commerce will pilot the enhanced Electronic Bank Realization Certificate (eBRC), which will allow exporters to self-certify. The move aims to create a smoother business environment for merchants. The eBRC is an important document for exporters as it serves as a confirmation issued by a bank confirming that the exporter has received payment from a foreign buyer for the export of goods or services.

Find business support

The revised system will be based on electronic Inward Remittance Messages (IRM) sent by banks directly to the Directorate General of Foreign Trade (DGFT). Based on the IRMs received, exporters must self-certify their eBRCs. See official communication from DGFT Here.

Exporters in India can access various benefits and incentives listed in the Foreign Trade Policy. However, to qualify for these benefits, exporters must submit the Bank Realization Certificate (BRC) as proof of their exported goods. The electronic-BRC or eBRC is an initiative to promote paperless trade and uses an electronic platform created by the DGFT.

Relevant links to eBRC services can be found here on the DGFT website: https://www.dgft.gov.in/CP/?opt=eBRC

READ: Food import procedures in India and latest regulatory changes by FSSAI

How the improved eBRC optimizes workflow

The improved eBRC system aims to empower exporters by reducing transaction time and costs. In addition, it aims to reduce the workload of bank employees by simplifying the matching process of Inward Remittance Messages with shipping invoices, SOFTEX, invoices, etc., thereby promoting a more business-friendly environment. (Software resellers must complete the SOFTEX form, which is used to declare software exports.)

The optimized workflow of the revised eBRC system is described as follows:

  • Banks processing export remittances transmit the IRM message electronically to the DGFT IT system.
  • Banks transmit only the IRMs related to the trading account, excluding those related to the capital account, ensuring that the focus is on remittances related to exports of goods or services.
  • Relevant details from the IRMs are accessible to the respective Importer-Exporter Code (IEC) holder by logging on to the DGFT website (https://dgft.gov.in). Linking to PAN ensures that only the affected IEC holder has access to their IRM.
  • Exporters generate eBRCs by matching IRMs with relevant shipping notes, SOFTEX or invoice details. Multiple IRMs can be combined under one eBRC, or conversely an IRM can be distributed across multiple eBRCs.
  • eBRCs can be created for goods exports, services exports and deemed exports.
  • Validation of the eBRC fields by the exporter is done using the RBI purpose code and other fields mentioned in the IRM.
  • Banks have access to all eBRCs generated from the IRMs they enter. You have the option to flag each eBRC for further review or ask the relevant exporter for input.

Pilot introduction of the improved eBRC system

Related Reading

The preliminary launch of the expanded eBRC system is scheduled for November 15, 2023. After this date, each bank will set its individual deadline based on its preparation after completing the User Acceptance Test (UAT). In case of Inward Remittance Messages/IRMs dated on or after this bank specific date, exporters are required to undergo self-certification with the DGFT.

READ: India simplifies GST refund on export remittances in dedicated rupee Vostro accounts

For the transition period, an updated and a legacy system will be operated in parallel

For IRMs created before this specified date, banks will generate eBRCs and forward them to the DGFT as per the traditional eBRC process. Both the updated and legacy eBRC systems will operate simultaneously until all banks have completed the transition to the enhanced eBRC system.

A list of banks with their respective IRM deadlines is provided on the DGFT website for reference by all concerned.

To enable rapid data exchange, it is imperative that all banks be integrated via the Application Programming Interface (API). Exceptions to this rule require detailed justification. Banks are required to complete the transition to API integration with the enhanced eBRC systems by January 31, 2024 at the latest.

READ: Procedure for Importers to Register with India’s Special Value Branch: FAQs

Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

Leave a Reply

Your email address will not be published. Required fields are marked *

naughty cam girls adultcamslive.cc karly_angel
hindi sex clips xlxx.pro sexy hot imges
vasundhara kashyap nude video tubeshere.info indian xvideoa
sexy lady bf tubeband.mobi girl with horse sex
xmxx motherless.pro mallu mms scandal
سكس ىابانى eroplaytube.com سكس\
wwww xxxx vidos pornindianhub.info www.xxx movie
tamil pornhub 2beeg.mobi chudaimaza
lobsters tube zatube.mobi gujarati sex videos
indian bollywood porn pornogator.net kochikame porn
bengali actress porn video free-porn-hose.net xvideo bangladeshi
boss secretary sex hdsexword.mobi xxx dasi sex video
sexxx3 hamsterporn.mobi malayalam sex with
garo xxx video brostube.mobi todayspkmovies
rajasthan sax video pelisporno.org andhra sexy video download