What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

DGFT Introduces e-BRC Certification for Exporters to Streamline Trade Processes

Export businesses can now benefit from the Electronic Bank Realisation Certificate (e-BRC), a digital certificate that confirms payment receipt for services or goods exported. The e-BRC, along with the Bank Realisation Certificate (BRC), has become an essential tool for economic indicators and financial information sources. To access export benefits under the Foreign Trade Policy (FTP), businesses must possess a valid BRC, which serves as proof of payment realization for exports.

The BRC, short for Bank Realisation Certificate, is issued by banks to authenticate that an exporter has received payment from an importer for the exported goods. Exporters are required to inform their banks about the value of goods they intend to export, and the banks record these transactions on the Export Data Processing and Monitoring System (EDPMS). Upon receiving payment, exporters submit shipping bills to the banks, who then cancel the recorded items in the EDPMS and issue an e-BRC against the payment received for the shipping bills.

Exporters need a BRC in order to take advantage of various export incentives provided by the government, including subsidies, low-cost loans, and duty exemptions, as part of the Foreign Trade Policy (FTP).

Previously, exporters had to visit their banks to apply for a BRC, resulting in time-consuming processes for claiming export incentives. However, the introduction of the e-BRC by the Directorate General of Foreign Trade (DGFT) in 2012 simplified the process. Exporters no longer needed to physically go to the bank to obtain the BRC, making it easier for them to access export benefits and incentives from the DGFT and other export agencies.

The Electronic Bank Realisation Certificate (e-BRC) is an initiative by the DGFT to promote paperless trade and digitize BRCs. Since 17/08/2012, banks are required to electronically transmit BRC data to the DGFT server, which is secured by a digital signature. The electronically transmitted BRCs are known as e-BRCs.

These e-BRCs serve as electronic documents that validate the receipt of payments made to exporters for trade transactions. They also systematically record foreign trade transactions. While the previous e-BRC portal was discontinued in July 2022, the DGFT now operates a new portal for BRCs. Authorised Dealer (AD) banks are required to shift to this new DGFT e-BRC portal and upload e-BRCs on the DGFT website.

The DGFT receives shipping bill information electronically through the EDI ports, enabling the integration of banks. The DGFT obtains details about foreign currency realization from the banks, which can be linked to all shipping bills.

The information from the shipping bills (FOB value of items exported) and the e-BRC (final payment received against export) are cross-referenced to validate the value at which the exporter will receive an incentive.

For EDI shipping bills, exporters are only required to link their relevant shipping bill and e-BRC online when submitting for an incentive. They do not need to send physical copies to the DGFT.

To check the e-BRC uploaded by banks on the DGFT website, exporters can follow these steps:

1. Login to the DGFT website.

2. Click on the 'My Dashboard' option and select 'Repositories'.

3. Under the 'Bills Repositories' tab, click 'Explore'.

4. Choose 'Bank Realisations (e-BRC)' from the 'Select Bill' drop-down list.

5. Enter the 'From Date' and 'To Date' and click 'Search'.

6. The screen will display all e-BRCs uploaded by the banks.

To download and print the Bank Realisation Certificate (BRC), exporters can follow these steps:

1. Login to the DGFT website.

2. Click on the 'My Dashboard' option and select 'Repositories'.

3. Under the 'Bills Repositories' tab, click 'Explore'.

4. Choose 'Bank Realisations (e-BRC)' from the 'Select Bill' drop-down list.

5. Enter the 'From Date' and 'To Date' and click 'Search'.

6. The screen will display all e-BRCs uploaded by the banks.

7. Select the Bank Realisation Number to view the uploaded e-BRC.

8. The e-BRC details will be displayed on the screen.

9. Click on 'Print eBRC' to download and print the BRC.

To claim export incentives using the e-BRC, exporters must electronically submit shipping bills on the Indian Customs Electronic Data Interchange Gateway (ICEGATE) platform.

The DGFT will then automatically receive information about the shipping bill. Exporters should link the relevant shipping invoices with the e-BRCs to claim export incentives.

The DGFT will determine the value of the incentive based on the Free on Board (FOB) value provided in the shipping bills and the total realized value mentioned in the e-BRC.

It is crucial for exporters to ensure that the e-BRC value reported by the bank reflects the total realized value in order to apply for the export incentive.

Exporters can also submit e-BRCs along with integrated GST or Input Tax Credit (ITC) refund applications, simplifying the export-related transaction process under GST.

The e-BRC has become a fundamental tool for exporters, enabling seamless and efficient trade processes. With the integration of banks and government agencies, the e-BRC ensures transparency and accuracy in documenting export transactions.