Bank Realisation Certificate to become effective from Apr 1

New Delhi, Mar 12 (UNI) In order to monitor realisation of export proceeds in respect of Drawback Shipping bills, Bank Realisation Certificate (BRC) which has been developed by Ministry of Finance will be operational from April 1.

Under this module, the exporters will submit a certificate from the authorised dealer(s) providing details of shipment which remain outstanding beyond the prescribed time limit including the extended time, if any, allowed by the authorised dealer/RBI on quarterly basis, according to an official release issued here today.

The status holders and other exporters who are permitted to realise export proceeds within a period of 12 months or more may submit these certificates once in six months and these certificates will be furnished port-wise.

The software will issue alerts against the shipping bills where the BRC/negative statement has not been furnished by the exporter within the prescribed date. Notices will be issued by the Customs to recover drawback paid on export consignments in respect of which export proceeds have not been realised.

A draft circular, outlining the basic features of the module, has been placed on the CBEC, it added.

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