Banks must adopt the electronic Bank Realisation Certificate as this will reduce transaction costs for exporters and make them competitive, said Mr S.R. Rao, Commerce Secretary, Ministry of Commerce.
This involves electronic transmission of documents and details on foreign exchange realisation on exports from banks to the Directorate General of Foreign Trade (DGFT).
“The Government has a firm endeavour and commitment to make our exports competitive vis-à-vis competition from other markets. Policy attempts are being made to reduce transaction costs substantially,” said Mr Rao.
Currently, exporters get a manual certificate from banks. “eBRC will not only bring down transaction costs but it will also reduce paper work. It will be particularly useful for small exporters,” said Mr Rao.
This sentiment was also echoed by Dr Anup K. Pujari, Director-General, DGFT. He said eBRC will help trade improve productivity.
Commenting on apparel exports, Mr Rao said exporters are headed for “good” times. Exporters must go up the value chain and also look at new markets, he said.
“The autumn season is opening up and business should be doing well in traditional markets. We are also exploring new markets of West Asia, CIS and Iran.”
The Government is keen to explore trade opportunities and sort out visa-related problems with Pakistan, said Mr Rao. During August-September, the commerce secretaries of both countries are expected to hold talks in Pakistan.
Free trade agreements with Russia and European Union will be taken up soon, he said.