India Enhances Service Export Data Accuracy with New eBRC Field

India exempts certain synthetic knitted fabrics from minimum import price conditions for specific units and updates the eBRC format to improve service export data, aligning with WTO standards. The Directorate General of Foreign Trade introduces a 'Mode of Export of Services' field for enhanced data precision.

The government announced that advance authorisation holders, export-oriented units, and special economic zone units will be exempt from the minimum import price (MIP) condition on certain synthetic knitted fabrics. This policy adjustment aims to bolster trade flexibility for specific fabric imports.

The Directorate General of Foreign Trade (DGFT) has imposed a MIP of USD 3.5 per kg for these fabrics, excluding the exempted entities. Concurrently, the DGFT has updated the electronic bank realisation certificates (eBRCs) to include a new 'Mode of Export of Services' field for service exports starting May 1.

This reform seeks to enhance the granularity and accuracy of services export data, aligning India with international norms set by the World Trade Organization's General Agreement on Trade in Services. The new field will document four trade modes, including remote consulting and telemedicine.

(With inputs from agencies.)