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Remittances to India Cross $100 Billion Mark in Fiscal Year 2022-23

Santhosh Kumar 09/06/2024

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FIRC (Foreign Inward Remittance Certificate) upsc notes Source: TH Reserve Bank of India (RBI) Set to issue standard operating procedure (SOP) To banks To expedite the issuance of proofs Of inward remittances For exporters Aim Address challenges faced by exporters In rupee-based trading mechanism For foreign trade What is FIRC (Foreign Inward Remittance Certificate)? Document that acts as a testimonial For all the inward remittances Entering India What is an Electronic Bank Realization Certificate (e-BRC)? Vital digital certificate For export businesses A bank issues e-BRC To confirm the buyer made payment To the exporter Against the export of services or goods The BRC is the proof Of realization of payment Against exports Issues with FIRC (Foreign Inward Remittance Certificate) Issue arises when certificate From one bank Not being sent to another Hampers the generation Of electronic bank realisation certificates (e-BRCs) Creates problem for exporters As e-BRCs Serve as proof of payment For their exports Make them eligible For benefits Under the Foreign Trade Policy Example Exporter in India Receives payment for exports From a foreign buyer Through a bank Requires FIRC from that bank As evidence of the inward remittance If the FIRC is not transmitted To the exporter’s bank The exporter cannot obtain necessary e-BRC May prevent them From accessing benefits or incentives Provided by the government For export transactions

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Categories: External Sector/Open Economy/Globalisation

Tags: 6.06.2024, Newsbits

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