Enhanced Features in Bank Guarantee Repository Module
DGFT Introduces Enhanced Features in Bank Guarantee Repository Module
The Directorate General of Foreign Trade (DGFT) has introduced several new features in the Bank Guarantee (BG) Repository Module available on the DGFT portal. The enhancements have been made across both the Customer Portal (CP) and Back Office (BO) interfaces to simplify BG-related processes and improve monitoring of guarantees.
Key Features
1. Purpose field and expiry alerts
A new “Purpose” field has been added to enable users to specify whether a Bank Guarantee is being submitted as a fresh guarantee or as a replacement for an existing one.
The system will also send automated email notifications to exporters 60 days and 45 days before the expiry of a Bank Guarantee, allowing sufficient time for necessary action.
2. Digital communication by Regional Authorities
Regional Authorities can now prepare and digitally sign various communications directly through the DGFT portal. These include communications relating to:
- Renewal or replacement of Bank Guarantees;
- Renewal instructions to the concerned bank;
- Encashment notices to the bank; and
- Return of Bank Guarantees to exporters, wherever applicable.
3. Improved BG status tracking
The module now provides a structured system for monitoring the status of Bank Guarantees. Available status categories include:
- Pending Acceptance;
- Accepted;
- Replaced;
- Returned on issuance of EODC;
- Encashment Notice to Bank Issued;
- Renewal Notice to Exporter Issued; and
- Renewal Notice to Bank Issued.
4. Acceptance of BGs submitted through Bills Repository
Bank Guarantees declared through the Bills Repository will initially remain under “Pending Acceptance” until they are accepted by the relevant Regional Authority.
However, where such a BG is associated with an invalidation file under the Advance Authorisation (AA) or EPCG Scheme, its status will be automatically changed to “Accepted” once the concerned invalidation file is approved.
Objective of the Enhancement
The latest changes are aimed at reducing dependence on physical documentation and manual tracking of Bank Guarantees. They are also expected to improve monitoring of guarantees approaching expiry, simplify the replacement and linking of BGs, and ensure greater consistency in communications issued by Regional Authorities.
DGFT has also made available a User Manual containing details of the updated workflows to assist stakeholders in using the enhanced BG Repository Module.
Exporters, banks and other concerned stakeholders are advised to take note of these changes and follow the updated procedures on the DGFT portal.
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