Director General of Foreign Trade (DGFT) has signed a Memorandum of Understanding (MoU) with The Enforcement Directorate to share of foreign exchange realization data which is better known as eBRC (Electronic Bank Realization Certificate).
Dr. Rajan Katoch,Director, Enforcement and Dr. Anup K Pujari, DGFT signed the MoU for eBRC, presence of The Union Minister of Commerce and Industry Shri Anand Sharma. MoU is signed with an aim to share data to increase transparency with government and reduce human interference. It will also simplify Indian Entrepreneurs to set up new business. The eBRC project might lead to cost reduction in export transactions easing the busiess.
Earlier, banks would issue BRCtherefore, data mining or analysis was not possible.The old manual process would trouble exporters as they would visit banks personally to claim the benefit. Therefore the new process is online, launched on 5 June, 2012 by the name of eBRC. It made mandatory effective from 17 August, 2012. It created an integrated platform for receipt and processing. It eased the use of all Bank Realization related information by exporters, banks, central and state government departments. Banks can now upload Foreign Exchange realization information related to merchandise goods exports on to the DGFT server under a secured protocol with the help of eBRC. Until now around 90 banks of India, including both foreign and cooperative banks have uploaded above 7.5 million e-BRCs on to the DGFT server.