A Memorandum of understanding (MoU) was signed between Directorate General of Foreign Trade (DGFT) and Commissioner (Trade and Taxes), Government of NCT of Delhi here today for the use of electronic Bank Realization Certificate (e-BRC). On behalf of the Government of Delhi, Mr. Prashant Goyal, Commissioner (Trade & Taxes) and on behalf of DGFT, Mr. D.K. Singh, Addl. DGFT signed the MoU.

Transmission of Bank realization against shipping bills has been made mandatory w.e.f. August 16, 2012. Eighty-one banks have transmitted more than 38 lakhs e-BRC to DGFT. DGFT has requested State Governments to use e-BRC in their efforts to refund VAT and other related tax administration. The Central / State Government Departments have shown commendable response to this initiative.

The Government of Delhi became the second state to sign the MoU. The Government of Maharashtra was the first state to sign the MoU on April 18, 2013 at the time of release of Annual Supplement to the Foreign Trade Policy.

Mr. Tilak Raj Manaktala, President Delhi Exporters Association and other Members of the Association also attended the event.

DS/RK

(Release ID :96438)

Electronic Bank Realization Certificate adoption enables state tax authorities to verify export realizations for VAT refund processing. A Memorandum of Understanding between the Directorate General of Foreign Trade and the Government of the National Capital Territory of Delhi formalises state use of electronic Bank Realization Certificates (e-BRC), aligning state tax-administration access with the mandatory bank transmission regime for realization against shipping bills and enabling use of DGFT-provided e-BRC data for VAT refund verification and related compliance.