Banks must adopt the electronic Bank Realisation Certificate as this will reduce transaction costs for exporters and make them competitive, said Mr S.R. Rao, Commerce Secretary, Ministry of Commerce.
This involves electronic transmission of documents and details on foreign exchange realisation on exports from banks to the Directorate General of Foreign Trade (DGFT).
“The Government has a firm endeavour and commitment to make our exports competitive vis-à-vis competition from other markets. Policy attempts are being made to reduce transaction costs substantially,” said Mr Rao.
Currently, exporters get a manual certificate from banks. “eBRC will not only bring down transaction costs but it will also reduce paper work. It will be particularly useful for small exporters,” said Mr Rao.