New Delhi, Aug 12 (PTI) The commerce ministry’s arm DGFT has invited comments and suggestions from stakeholders on its draft standard operating procedure (SOP) for reporting inward remittance messages pertaining to NBFC factors.
NBFC factors are Non-Banking Financial Companies (NBFCs) that provide factoring services. In simple terms, they finance businesses by buying their unpaid invoices/receivables.
In a trade notice, the Directorate General of Foreign Trade (DGFT) on Wednesday said the scheme is aimed at enhancing transparency, efficiency and ease of doing business in the export remittance reconciliation process..
In order to streamline the reporting of Inward Remittance Messages (IRMs) pertaining to export transactions involving NBC Factors
and to facilitate seamless self-generation of Electronic Bank Realisation Certificates (eBRCs), a draft SOP for reporting of IRMs pertaining to NBFC Factors has been prepared.
“Stakeholders, including exporters, banking institutions, NBFC Factors, Export Promotion Councils, Trade Bodies and other interested parties, are invited to examine the Draft SOP and furnish their comments, suggestions and inputs if any for further action,” it said.
They have to submit the suggestions in the next 30 days. PTI RR MR
