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e-BRC Project won 2013 eASIA Award

Dec 3, 2013 12:29 IST

Directorate General of Foreign Trade’s e-BRC project has won the 2013 eASIA Award under Trade Facilitation category. The award was announced by Asia Pacific Council for Trade Facilitation and Electronic Business (AFACT) in Ho Chi Minh City, Vietnam on 29 November 2013.

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About e-BRC Project
electronic Bank Realization Certificate (e-BRC) project was launched on 5 June 2012, to electronically transmit foreign exchange realization details on exports from the respective banks to Directorate General of Foreign Trade (DGFT).

The project has created an integrated platform for receipt, processing and subsequent use of all Bank Realization related information by exporters, banks, central and state government departments. It was made mandatory with effect from 17 August 2012.

The Bank Realization Certificate is required for discharge of export obligation and to claim incentives under Foreign Trade Policy. Earlier, this certificate was issued by banks manually. BRC is also used by state government departments for refund of VAT.

About the Award

The award is administered by Asia Pacific Council for Trade Facilitation and Electronic Business (AFACT). Its principal focus is to facilitate international transactions, through the simplification and harmonization of procedures and information flows, and so contribute to the growth of global commerce.

AFACT aims to support in the Asia Pacific region and its adjacent countries and economies policies and activities, especially those promoted by United Nations Center for Trade Facilitation and Electronic Business (UN/CEFACT), dedicates to stimulate, improve and promote the ability of business, trade and administrative organizations, to exchange products and relevant services effectively through the simplification and harmonization of processes, procedures and information flows in a non-political environment.

Pan Asian eCommerce Alliance (PAA) is the Association member of the AFACT and the member countries are:
• Afghanistan
• Australia
• China
• Chinese Taipei
• Cambodia    
• India
• Indonesia
• R. Iran
• Japan
• Malaysia    
• Mongolia
• Pakistan
• Philippines
• Korea
• Singapore    
• Sri Lanka
• Saudi Arabia
• Thailand
• Vietnam

If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs  

 

 

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