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Banks should electronically transmit export data: Rao
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SME Times News Bureau | 28 Jul, 2012
Banks in India should adopt the electronic bank realisation certificate (EBRC) scheme to reduce the transaction costs for exporters, Commerce Secretary, S.R. Rao said on Friday.
"The software glitches which were initially there have been sorted out. The manual issuance of bank realisation certificates would be dispensed from Aug 16 onwards," said Rao at a meet with the exporters organised by Federation of Indian Exports Organisation (FIEO) and Confederation of Indian Industry (CII) in Chennai on Friday.
The EBRC system involves transmission of documents and details about foreign exchange realizations on exports by banks to the Directorate General of Foreign Trade (DGFT).
According to DGFT chief Anup K. Pujari, the electronic system would reduce paper work and would be useful for small exporters by establishing seamless connectivity with DGFT for the exporters to claim benefits under different schemes.
He said only 14 banks have migrated to the new system and other banks are being requested to adopt the new system.
Speaking about the free trade agreement (FTA) with European Union (EU), Russia and Pakistan, Rao said the process for EU agreement will be completed this year while it will begin this year as regards Russia.
He said as regards the trade arrangement with Pakistan, a few steps have to be finalised and a meeting with his Pakistani counterpart has been slated next month.
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Amendment of SHIS script to chemical & Allied, Basic Chemical sectors
J.H.Gandhi-Champa Purie chem Industries | Fri Aug 3 07:28:58 2012
Attn. :Dr. Anup K. Pujari
DGFT
" Pl. make appropriate amendment in FTP 3.16.4 (for sector - Basic Chamicals) and HBP 3.10.8 (for additinal sector - Chemical & Allied Products) so that the eligible script holder can also use the script for custom clearance of import Raw Material used in the manufacture of Export Products".
Reason for request of above amendment : In above mentioned sectors, the exporter (like us) who do not want or do not need to import any capital goods as per the sector defined in FTP as already now well equipped for production as well as for testing facilites as per the international quality /standard level. (zero duty EPCG scheme is there) So there is no usage or benefit with this incentive script introduced by the Govt. to encourage above chemical sectors. Only to take the benefit of SHIS which Capital goods will import ,which is of no use or need to the exporter?
So please note that the SHIS introduced by the Govt. to support and encourage to the Status Holder Exporter. So there should not be any restriction OR obstruction to get the benefit from the Script to the eligible Exporter. It should be allowed to the eligible exporter as they wish to utilise for the growth of their Export business and earns valuable Foreign currecy to our Nation. Accordingly the Policy and Procedure should be cleared.
Hope you will do the needful for the Exporter's Benefit and Growth to earn valuable foreign currency to our Nation.
thanks/regards
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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â¹94.2
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â¹92.5 |
UK Pound
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â¹128.85
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â¹124.8 |
Euro
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â¹112.2
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â¹108.45 |
| Japanese
Yen |
â¹59.85 |
â¹58 |
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