Pilot launch of revamped eRBC system for exporters from November 15

The commerce ministry on November 15 will do a soft launch of the revamped electronic bank realisation certificate for self-certification by exporters to promote ease of doing business for traders.

An electronic Bank Realisation Certificate (eBRC) is an important document for exporters and is issued by a bank as a confirmation that the exporter has received the payment from a foreign buyer against the export of goods or services.

This certificate validates repatriation of export proceeds to the country and ensure compliance with provisions of foreign exchange rules.

eBRCs can be generated for outbound shipments of goods, services and deemed exports.

According to a trade notice of the Directorate General of Foreign Trade (DGFT), the upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the DGFT.

Based on the messages received, the exporters would self-certify their eBRCs.

"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," the notice said.

Software traders have to fill the SOFTEX form after exports.

"A soft launch of the revamped eBRC system is proposed with effect from November 15. Starting from given date, each bank will set its cut-off date based on their readiness after completing user acceptance testing," the DGFT said.

It added that the revamped eBRC system's user guide and Frequently Asked Questions (FAQs) will be available on the DGFT website.

The directorate will also organise exporter outreach programmes to demonstrate and raise awareness about the revamped system.

Commenting on the development, Chairman, CII national committee on EXIM, and Managing Director of Patton Group, Sanjay Budhia, said it is a progressive step.

"This will help exporters and banks in optimising their resources and cutting costs. Over the years, DGFT has almost completely automated its processes and now with this new step, exporters can fully focus on enhancing exports and achieve our targeted goal of USD 2 trillion of exports by 2030," Budhia said.