New Delhi : Mr. Sandeep Narula, Chairman Electronics and Computer Software Export Promotion Council (ESC) has welcomed the Directorate General of Foreign Trade’s (DGFT’s) new initiative of implementing a revamped Electronic Bank Realization Certificate (eBRC) system aiming at facilitation of paperless exports and streamlining the transaction processes.
“ The new system, which has been put in place after conducting a successful pilot by DGFT is aiming at streamlining the processing of electronic Inward Remittance Messages (IRMs) by transmitting the communications directly by banks to DGFT to empower exporters to self-certify their eBRC on the verification of IRMs, which can reduce considerably the reconciliation process by banks, simplify the operations and reduce transaction time,” Mr. Narula said, adding that it would usher in a more export friendly environment.
Earlier, the Bank Realization Certificate (BRC) was processed manually and exporters were required to submit a physical copy to the relevant regional authority of DGFT, which was manually entered causing considerable delays in processing and disbursing export incentives.
ESC Chairman pointed out that DGFT has to be congratulated for continuously upgrading and automating the procedures for exports both under merchandise and services heads to make the system seamless and granular, which would have a profound impact on external trade.
Under the new dispensation, exporters are no longer required to visit banks or file manually data since the new system is supported by a unified digital platform that facilitates paperless transactions by bringing exporters, their banks, DGFT, and RBI on the loop through an automated and interactive process. “This innovative platform can be a game changer for both merchandise and services exporters since it is business-friendly and at the same time spot irregularities on a real-time basis and that way minimizes risks,” Mr. Narula added.
Mr. Gurmeet Singh, Executive Director, ESC called upon the exporting community to leverage the automated platform to enhance the exports of both IT services and electronic hardware to realize higher exports and to gain a competitive advantage since the revamped eBRC can be particularly relevant to small and medium companies in their export efforts. He, however, opined that there should be an organized effort to sensitize the stakeholders, particularly MSMEs in the operation of the new system and volunteered the support of the ESC in bringing DGFT, Banks, exporters, and other supervisory organizations into one platform to familiarize the new scheme.
