We are regularly exporting goods. We have a CC facility with a government bank and recently have opened current account with a private bank. Now we are getting all inward remittances in private bank, it is much quicker and more convenient. We get the FIRC from them and then submit the FIRC along with invoice and all export documents to the other bank, where we have cc facility, to get the BRC. Is this procedure correct? Our old bank is now telling that we should get BRC from the private bank only but it seems the old bank code is given to customs and needs to be changed, but they are not explaining correctly. Kindly advice.
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FIRC and BRC from different banks
Replies (7)
as per guideline of RBI exporter must open their Account EEFC, and thereafter after realised the payment arrange for issuance the BRC for further export incentives.
regards,
as the inward remittence is not exchanged by the 1st bank, they would deny to issue BRC, as they were unware of the transaction,
now u have to change bank details in IE code with DGFT and all concerned departments related to your inward remittence business, and ask the private bank to issue BRC
| Originally posted by : U S Sharma | ||
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now u have to change bank details in IE code with DGFT and all concerned departments related to your inward remittence business, and ask the private bank to issue BRC |
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How do we do this?
We are dispatching the goods from factory and then we submit to bank for BRC. Is this okay or we need to submit the documents in advance to bank?
you have to get form of IE amendment and get a letter from new private banker regarding your a/c number and satisfactory transaction,
request DGFT to add the new banker in your IE Code
IE Code = Importer Exporter Code
once amended u can change your BIN
ANF-2 FORM WILL BE SUBMITTED BY YOU ON CONCERNED RLA/ DGFT.
REGARDS,
Mr.Verma and Mr.Sharma, thank you very much for the inputs, I got to learn things that I did not kow of. I have downloaded the IEC information for my company from DGFT website and also the required forms. Where do we submit these in Mumbai?
I have another important question. When we export goods, we make the ARE1, local and export invoices. After we get back the custom attested ARE1 and invoice and after receipt of payment in rivate bank, we submit the documents to govt. bank for BRC. Now, after we amend the information in IEC code, do we follow same procedure? Private bank was asking us to submit all documents to them in advance, before payment is received. Please let me know.
after IEC amendment , the private bank will get authorized to issue BRC as customs BIN wil have the name of private bank also, so u would have to submit the post shipment dox to private bank
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