Birc
Querist : Anonymous
Why do we need to obtain BIRC?
Bank Certificate of Export & Realisation is most often sought by companies who have exported their goods under DEPB Scheme (Duty Entitlement Pass Book Scheme). By this policy , as a process of boost foreign currency & exports in country, Government provides you DEPB licence of value (approx 7-10% depending on the commodity you have exported and the rate fixed by Govt. on the same) , the license can be used against your import duties or the best can be transferred to someone else in market and thus making a gain. Now, coming on your main point , Government provides certificate only when the export proceeds are realised and Bank Certify the same that the foreing currency were been received , realisation rate is the rate at which currency were converted into INR.
Querist : Anonymous
THANKYOU,
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