During the release of Annual Supplement to Foreign Trade Policy on June 5, 2012, Shri Anand Sharma, Minister of Commerce, Industry and Textile had launched the ˜e-BRC™ initiative, to electronically transmit foreign exchange realization details on exports from the respective banks to Directorate General of Foreign Trade (DGFT).
To ensure that there is a smooth transition from physical delivery of BRC to electronic transmission of BRC, a meeting of bankers was convened by DGFT. Eighty six officers representing 43 banks took part. Shri S.R. Rao, Secretary, Department of Commerce chaired the inaugural session and reviewed the preparedness for error-free implementation of BRC. He urged the banks to expeditiously complete all necessary steps for this new initiative and become active partners of this endeavour with DGFT. He also emphasised that this would reduce the transaction cost for exporters and for the banks. The system would establish a seamless connectivity in the EDI system of DGFT for claiming benefits by exporters under various Foreign Trade Policy Schemes. Shri T.A. Khan, Controller of Certifying Authorities and Dr. Anup K. Pujari, Director General of Foreign Trade also addressed the bank representatives.
Public and Private sector banks have shown commendable response to this initiative and are already in the process of registration with DGFT for secure error free transmission of ˜e-BRC™. All participating banks reconfirmed their commitment for implementing ˜e-BRC™ by August 16, 2012, after which a physical copy will be dispensed with.
In his speech after FTP supplement announcements on June 5, 2012, Shri Sharma explained that Electronic Data Interchange (EDI) is a core driver for facilitating international trade. He also stressed that one of the key initiatives this year is electronic transmission of foreign exchange realization details on exports by banks on a daily basis under the e-BRC (Electronic Bank Realization 14 Certificate) initiative. He mentioned that exporters will not be required to make any request to banks for issuance of Bank Export and Realization Certificate and this scheme will ensure seamless connectivity amongst DGFT, Customs, Banks and exporters for settlement and release of export benefits. This has been done with the objective of ensuring minimum human interface and reducing transaction cost.