Speeding Up FIRC and e-BRC for exporters by RBI

What’s Foreign Inward Remittance Certificates (FIRC):

• It’s a paper that proves money came from outside India.
• Government trusts it as proof of foreign payments for people and businesses.
• Limited companies, partnerships, and sole proprietors use it.

What’s an electronic Bank Realization Certificate (e-BRC)?

• A bank gives this digital paper to show a buyer paid an exporter for goods or services.
• Exporters need it to get benefits under the Foreign Trade Policy.

Why in News:

• The RBI is making things easier for exporters by creating a plan for banks to speed up Foreign Inward Remittance Certificates (FIRCs) and Electronic Bank Realization Certificates (e-BRCs).

Significance:

• To help promote exports in India
• Less trouble for exporters doing business with other countries.