Fact Box: e-BRC (Bank Realization Certificate)

MoU inked b/w DGFT and Government of Delhi to use e-BRC (Bank Realization Certificate)
An MoU was signed b/w the Directorate General of Foreign Trade (DGFT) and Commissioner (Trade and Taxes) and Government of NCT of Delhi for making use of electronic Bank Realization Certificate (e-BRC). 
With this, Delhi has become the second state to sign the MoU. The first state to sign this MoU was Maharashtra.
What is e-BRC?

• e-BRC is electronic form of earlier physical Bank Realization Certificate. It was launched in 2012 by thethe Directorate General of Foreign Trade (DGFT) to reduce transaction cost to exporters, who will not be required to make any request to bank for issuance of bank export and realisation certificate (BRC).
• BRC is issued by a bank after realization of export proceeds in the country. It is an important document required for claiming benefits under various Foreign Trade Policy schemes. In addition, BRC data is used by VAT, Income Tax and Drawback departments.

Month: Current Affairs - June, 2013