The event organized by FIEO focused on a Capacity Building Programme: Awareness Programme on “Exports India@75 – District As Export Hub” in Vadodara.

Trade compliance is a crucial part of corporate operations, ensuring that all import and export transactions adhere to the laws and regulations of the countries involved. Adhering to trade compliance best practices is essential for in-country transfers of goods manufactured abroad.

In today’s global marketplace, companies conduct business both within and outside India. Their supply chain relies on adhering to various free trade agreements, international trade regulations, and tariff classifications.

While larger companies often have a dedicated trade compliance team or manager, many still unintentionally face import and export violations, leading to hefty penalties and fines for non-compliance with trade regulations.

To address these challenges, one of the topics of the event was “EDPMS compliance and self-certification of e-BRC,” aimed at providing an overview of important considerations for trade transactions.

1. Compliance on EDPMS – a key component for Export Compliance:
   This topic discussed various scenarios related to pending EDPMS updation and their respective solutions.
2. Nuances of Self-certification of e-BRC:
   The Directorate General of Foreign Trade (DGFT) has introduced an upgraded Electronic Bank Realisation Certificate (eBRC) system, enabling exporters to self-certify. This document is crucial for confirming an exporter’s receipt of foreign exchange, used for purposes such as claiming benefits under the Foreign Trade Policy and filing income tax returns.

This enhanced eBRC system aims to reduce transaction time and costs, alleviate the burden on bankers, and enhance the overall ease of doing business. Adherence to trade compliance is crucial for hassle-free trade transactions, especially if we aim for a self-reliant India (Atmanirbhar Bharat) and seek to promote exports.