Print Icon
 
https://campaign-image.com/zohocampaigns/133052000002457092_zc_v53_artboard_1.png

Dear Professional Colleagues,

Greetings of the Day !


Government of India, Ministry of Commerce and Industry, Department of Commerce, Directorate General of Foreign Trade has issued a trade notice 33/2023-24 dated November 10, 2023 regarding Pilot Launch of the Upgraded Electronic Bank Realization Certificate (eBRC) system for self-certification by Exporters. 

Highlights 

  1. Self-Certification for Exporters: To improve trade facilitation for exporters, directorate has implemented an enhanced electronic Bank Realisation Certificate (eBRC) system. This more streamlined process is based on electronic Inward Remittance Messages (IRMs) to be transmitted directly by banks to DGFT. Based on the IRMs received, the exporters shall self-certify their eBRCs.
  2. Streamlined Workflow: 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 with shipping bills, SOFTEX, invoices, etc. and promote ease of doing business in general. A summary of the revamped eBRC system workflow is as follows –

i. Banks receiving Export Remittances will push the IRM message to the DGFT IT system electronically.

ii. Banks shall push the IRMs pertaining to the Trade Account only and not the IRMs pertain to Capital Account etc. i.e., remittances pertaining to Goods or Services Exports.

iii. IRM details will be accessible to the relevant IEC holder upon logging onto the DGFT Website (https://dgft.gov.in). Since IECs are linked to PAN, only the concerned IEC holder will have visibility to their IRM. iv. Exporter will create eBRCs by matching IRM with relevant shipping bills, SOFTEX, or invoice details. Multiple IRMs may be grouped under one eBRC, or one IRM can be split amongst several eBRCs.

v. eBRCs can be generated for Goods Exports, Services Exports, Deemed Exports.

vi. The RBI Purpose Code and other fields mentioned in the IRM shall be used to validate the eBRC fields being certified by the Exporter.

vii. Banks will have access to all eBRCs created from the IRMs they input. Banks would have the option to flag any eBRC for further examination or request input from the exporter concerned.

3. Pilot Launch: A soft launch of the revamped eBRC system is proposed with effect from 15th November 2023.

Hope you find it interesting and useful to read.

For any clarification/ feedback, feel free to write us at amrg@amrg.in.


Best regards,

AMRG Team


   


About Us

AMRG & Associates is an established Chartered Accountants firm. It came into existence in 1984 and since then has grown its branches across major Indian cities such as Delhi, Mumbai and Chandigarh. Since its inception, it has become one of the leading chartered accountants’ firms in North India. AMRG & Associates offers its clients a wide range of exceptional services through the expertise of its highly motivated group of trained professionals. The firm provides expertise in financial and business advisory, tax and regulatory, audit and assurance and risk advisory services.

AMRG & Associates has a client base of 200+ companies & individuals. The firm's approach to service delivery helps to provide value-added services to its wide clientele. Our differentiation is derived from a rapid performance based, industry-tailored and technology-enabled business advisory services delivered by talented professionals in the country.


Corporate office (Delhi, India) : AMRG Tower, 23, Paschim Vihar Extension, Main Rohtak Road, New Delhi -110063, T - 011-47322696 / 97

Branch office (Mumbai, India) : Shop no 14,Adarsh Nagar Bldg No 4,Kolbad, Thane West 400601.

Branch office (Sydney, Australia) : Unit 9, 14-15 Junia Avenue, Toongabbie NSW 2146,

Sydney, Australia.

International Desk (USA) : Wiener & Garg LLC 6000 Executive Boulevard, Suite 520 |

Rockville, MD 20852, T - 301.881.4244 | D - 240.833.4002

 

© -2023 AMRG & Associates All Rights Reserved. This document has been written for the general interest of our clients and professional colleagues and is subject to change. This document is not to be construed as any form of solicitation. It is not intended to be exhaustive or a substitute for legal advice. We cannot assume legal liability for any errors or omissions. Specific advice must be sought before taking any action pursuant to this document.


Follow us on

You are receiving this email because you opted in via our website.

Our mailing address is

AMRG Tower, 23, Paschim Vihar Extension, Main Rohtak Road, 

New Delhi-110063 India

 
This email was sent by amrg@amrg.in to Ripanshu@amrg.in
AMRG & Associates | AMRG TOWER, 23, MAIN ROHTAK ROAD, PASCHIM VIHAR EXT, NEW DELHI -110063