Commercial tax dept. of Bihar signs Mou with DGFT on Foreign Exchange Data Sharing
Updated: Jan 16, 2016 12:33:56pm
New Delhi Jan 16 (KNN) Commercial tax department of Bihar signed a Memorandum of Understanding (MoU) with Directorate General of Foreign Trade (DGFT) for sharing of foreign exchange realization data recently.
Sujata Chaturvedi, Commissioner cum Principal Secretary, Commercial Taxes Department represented Government of Bihar while Shri D. K. Singh, Additional DGFT represented DGFT.
Foreign exchange realization data, also known as eBRC (Electronic Bank Realization Certificate) data, is said to be important economic indicator as it quantifies transaction level export earnings.
The state is looking forward to the e-BRC project, as it would enable banks to upload Foreign Exchange realisation information relating to merchandise goods exports on to the DGFT server under a secured protocol. As per the release, 100 banks operating in India, including foreign banks and cooperative banks have uploaded more than 1.5 Crore e-BRCs on to the DGFT server so far. eBRC project 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 project comes as a relief to many states since earlier, the banks issued physical copy of BRC to exporters and no data mining or analysis was possible. The process for BRC issuance and subsequent utilization were largely manual and department centric. The exporters suffered most as they had to run to banks and government departments for claiming benefits.
It was stated that Commercial Tax Departments of 13 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes so far.
In addition, Ministry of Finance, Enforcement Directorate and Agricultural & Processed Food Products Export Development Authority (APEDA) have also signed MoU with DGFT for receiving e-BRC data. (KNN Bureau/with PIB inputs)
Sujata Chaturvedi, Commissioner cum Principal Secretary, Commercial Taxes Department represented Government of Bihar while Shri D. K. Singh, Additional DGFT represented DGFT.
Foreign exchange realization data, also known as eBRC (Electronic Bank Realization Certificate) data, is said to be important economic indicator as it quantifies transaction level export earnings.
The state is looking forward to the e-BRC project, as it would enable banks to upload Foreign Exchange realisation information relating to merchandise goods exports on to the DGFT server under a secured protocol. As per the release, 100 banks operating in India, including foreign banks and cooperative banks have uploaded more than 1.5 Crore e-BRCs on to the DGFT server so far. eBRC project 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 project comes as a relief to many states since earlier, the banks issued physical copy of BRC to exporters and no data mining or analysis was possible. The process for BRC issuance and subsequent utilization were largely manual and department centric. The exporters suffered most as they had to run to banks and government departments for claiming benefits.
It was stated that Commercial Tax Departments of 13 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes so far.
In addition, Ministry of Finance, Enforcement Directorate and Agricultural & Processed Food Products Export Development Authority (APEDA) have also signed MoU with DGFT for receiving e-BRC data. (KNN Bureau/with PIB inputs)
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