In a bid to promote ease of doing business for traders, the Commerce Ministry has announced a soft launch of the revamped electronic bank realization certificate (eBRC) on November 15. The eBRC is an essential document for exporters as it serves as confirmation from a bank that payment has been received from a foreign buyer against the export of goods or services. The certificate validates the repatriation of export proceeds and ensures compliance with foreign exchange rules.
Under the upgraded system, electronic inward remittance messages will be transmitted directly by banks to the Directorate General of Foreign Trade (DGFT). Based on these messages, exporters will have the opportunity to self-certify their eBRCs, streamlining the process and reducing transaction time and costs.
The new system aims to simplify the reconciliation of inward remittance messages with shipping bills, SOFTEX forms, and invoices for bankers, enabling them to ease their burden. This move is expected to promote ease of doing business in general, benefiting both exporters and banks.
To facilitate a smooth transition, the DGFT will provide a user guide and Frequently Asked Questions (FAQs) on its website. Additionally, exporter outreach programs will be organized to demonstrate and raise awareness about the revamped system.
Sanjay Budhia, Chairman of the CII national committee on EXIM and Managing Director of Patton Group, hailed this development as a progressive step towards improving the export process.
