The journey of being a successful exporter will require you to stay abreast of every minor detail of the shipping process. No matter how well-functioning your team is, your job as an exporter and a wise business owner is to know about everything that concerns freight shipments. One such minor yet important documentation is the EBRC (Electronic Bank Realisation Certificate). What is this document? Why do you need it for your export business operations? Read on to know more about this certificate.
What Does EBRC Mean In Export Business?
The EBRC is the electronic and updated version of the bank realisation statement exporters used to receive when trading operations were offline. It is a document that comprises payment details of every freight shipment you process. This certificate serves as proof of payment settlement between you and your importer before or after you have shipped the cargo. You can get this directly from your bank or download it online from the DGFT (Directorate General of Foreign Trade) site after your bank uploads it on the same site. Let us understand why you need this piece of documentation for your export business.
Need For EBRC Documentation
The need for EBRC documentation for exporters is threefold. You can only make the most of this piece of paper by maintaining its accuracy and understanding its usage. Also, your bank plays a vital role in uploading the document on the government portal.
To Get Export Incentives
The prime use and purpose of the Electronic Bank Realisation Certificate are to avail of incentives from the government against any export you have made in the interest of the same. The government needs proof that you have shipped the goods to the said location, and your importer has paid you for the same. To make this claim, your bank will have to upload the certificate to the DGFT website.
Provide Proof of Payment
The bank that hosts your current account of your export business will release the EBRC certificate for every payment that you receive in the account. This statement serves as the proof of payment to you, your importer as well as the other concerned parties in the shipping process.
Needed In Customs Clearance
In the case of prepaid freight shipments (where you have received the money before shipping the cargo), the customs department might demand this document at the time of clearance. Therefore, you must print a copy of this certificate from the DGFT website as soon as it is uploaded and keep it to yourself.
The Best Way To Get The EBRC Document
Your bank is liable to upload the certificate on the DGFT website. Your job, as an exporter, is to verify the details and the shipping amount mentioned on the form. In general, the bank converts the monetary value of your contract into Indian currency, considering the foreign currency you have received in the account. But how can you get the uploaded document?
- First, you can sign in to your account on the DGFT site by yourself, then view and print your document from the EBRC panel/tab.
- Second, you can take the help of a reliable shipping service provider, who will look after the entire shipping documentation process, including this one. If you juggle between multiple consignments at a time, it is best to share this burden with the best in the field.
These two options will help you get a hold of your certificate, especially when you are entitled to receive an incentive from the government. Acquiring incentives and customs clearance becomes easy with this document. Trust a reliable service provider with this documentation to get through it without any hassle!