BRC (Bank Realization Certificate) is issued by banks to its customers against export transaction. My firm is doing export and not obtaining BRC from bank for all export transaction. We are issuing BRC for few export transactions, which are required for obtaining benefit from government.
My question is:-
Is BRC a mandatory document & should issue for all export shipments? One guy advised me to issue BRC for all export shipment. Is BRC a regulatory requirement? If not issued, bank will take any action?
Banks are not issuing BRC for OFAC countries. Is there any alternative for doing business with OFAC countries?