IBA working on roll out of online transmission of BRCs: DGFT

Ahmedabad: The Indian Banks Association (IBA) is trying to develop a mechanism for online transmission of bank realisation certificates (BRC) through the banking channel, Director General Foreign Trade (DGFT) said on Saturday.

The move is expected to speed up the realisation of incentives to exporters under notified schemes and help them discharge their export obligations faster as compared to existing manual process of issuing BRCs by the banks.

"We are in talks with IBA for online transmission of bank realisation certificates through the banking channel. The association has prepared a concept paper for it," DGFT director, Dr Anup K Pujari told PTI on the sidelines of an open house session organised jointly by the Gujarat Chamber of Commerce and Industry (GCCI), Chemexcil and Gujarat Dye Stuff Manufacturers Association (GSDMA) here.

"The RBI is also aware of this initiative. We are hopeful that the facility would be started soon in India," Pujari said.

Meanwhile, a Citibank official said, "Citibank had begun offering BRC facility online in Gujarat, but it had to be stopped due to technical glitches."

It is only on submission of BRC to DGFT that an exporter becomes eligible to avail the incentive on exports announced by the Centre under notified schemes like Duty Entitlement Pass Book (DEPB), Export Promotion Capital Goods (EPCG) and others.