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Bank Realisation Certificate by ocn11451

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									                                                   Global SMT & Packaging India


Bank Realisation Certificate module on Duty Drawback
Thursday, 13 March 2008




Government of India is planning to introduce a new procedure on Duty Drawback from April 1, 2008
Drawback is a rebate of duty or tax, as the case may be, chargeable on any imported materials or excisable materials
used or taxable services used as input services in the manufacture of export goods. It is paid to the exporters after export
of goods. Under the provisions of Customs Act, 1962 the drawback is to be recovered if the sale proceeds in respect of
such export goods are not realized within the time allowed under the Foreign Exchange Management Act, 1999.
In order to monitor realisation of export proceeds in respect of Drawback Shipping bills, Bank Realisation Certificate
(BRC) module (software) 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 yesterday.
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 Central Board of Excise & Customs
(CBEC), Ministry of Finance website www.cbec.gov.in., it added.




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