Proceed Realization Certificate (PRC)

 

What is Proceed Realization Certificate (PRC) ??

A Proceed Realization Certificate (PRC) is an official document issued by a bank (usually an authorized dealer bank) to certify that export proceeds have been realized (received) in the exporter’s account from a foreign buyer.

In simple terms, it is proof that payment for exported goods or services has been received in foreign currency.

Key Points About PRC: 

🔹 Who issues it?

• The exporter’s bank (authorized dealer handling the export transaction).

🔹 What does it certify?

• That foreign exchange proceeds from exports have been received and credited.

• It confirms compliance with foreign exchange regulations.

🔹 When is it issued?

• After the exporter receives payment from the overseas buyer.

• Usually issued shipment-wise or invoice-wise.

Information Included in a PRC

A PRC typically contains:

• Exporter’s name

• Invoice number and date

• Shipping bill number and date

• Amount realized (foreign currency and local currency equivalent)

• Date of realization

• Bank’s name, stamp, and authorization

Why is PRC Important?

PRC is commonly required for:

• Export incentives / benefits (duty drawback, export subsidies, tax refunds, etc.)

• Statutory compliance with central bank or customs authorities

• Income tax assessments

• Audit and accounting purposes

• Proof of export realization for government schemes.