The Memorandum of Understanding was signed by Shri Ajay K Bhalla, Director General of Foreign Trade and Shri Prakash Kumar, CEO, GSTN in New Delhi on 27.10.16. An electronic bank realisation certificate (eBRC) captures transaction level details of foreign exchange realised in India. The eBRC project implemented by DGFT created an integrated platform for receipt, processing and subsequent use of all Bank Realization related information by exporters, banks, central and state government departments. The e-BRC project enabled banks to upload foreign exchange realisation information related to exports on to the DGFT server under a secured protocol.
So far 100 banks operating in India, including foreign banks and cooperative banks have uploaded more than 1.9 Crore e-BRCs on to the DGFT server.
Sharing of data
1. eBRC data has proved to be a significant step in reducing the transaction cost of exporters. A Bank Realisation Certificate (BRC) is required for discharge of export obligation and claiming of incentives under Foreign Trade Policy. Its is also used by state government departments for refund of VAT. In addition, it is an important economic indicator as it quantifies transaction level export earnings.
2. DGFT has signed MOUs with 14 state governments and 2 central government agencies for sharing of the data.
3. At the state level, Commercial Tax Departments of 14 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes. These are: (i) Maharashtra, (ii) Delhi, (iii) Andhra Pradesh,(iv) Odisha, (v) Chhattisgarh, (vi) Haryana, (vii) Tamil Nadu, (viii) Karnataka, (ix) Gujarat, (x) Uttar Pradesh, (xi) Madhya Pradesh, (xii) Kerala, (xiii) Goa, (xiv) Bihar.
In addition, Ministry of Finance, Enforcement Directorate and Agricultural & Processed Food Products Export Development Authority have signed MoU with DGFT for receiving e-BRC data.
MJPS
(Release ID :153066)
Assessee is eligible for claiming deduction under Chapter VIA under Section 80IE of the Income Tax Act 1961 on the…
Assessee could not be faulted for showing only cash in hand and bank balance as capital following presumptive taxation when…
Sale of flats in a real estate project held capital gains as intention of the assesee was to hold that…
Merely because interest liability was recognised by journal entries at the close of the year, it does not make expenditure…
Addition for cash deposits in bank account which were immediately transferred to other accounts deleted in absence any enquiry by…
ITAT disallows 6% for alleged bogus purchases as purchases from unregistered dealers could not be ruled out. In a recent…