What is IRC and ERC?

What is IRC and ERC?

IRC and ERC: Required papers / documents to obtain Import Registration Certificate (IRC)
Import Registration Certificate (IRC) and Export Registration Certificate (ERC) are issued by the office of chief controller of Import and Exports (CCI & E) of the government. Intending Imports and Exporters are to submit applications to CCI & E for registration along with required papers / documents.

Required papers / documents to obtain IRC

a.Application
b.Trade license
c.Nationality Certificate
d.Income Tax Certificate along with TIN
e.Bank Certificate
f.Membership Certificate from Trade Association
g.Certificate of Incorporation, Article and Memorandum of Association (In case of Limited company) , Registered Partnership Deed (In case of Partnership firm)
h.Any other documents as per current Import Policy Order.

ERC (Required Documents / Papers)

a.Application
b.Nationality, Assets Certificates of the proprietor/partnership deed of partnership firm / Memorandum and Article of Association of Limited Company.
c.Bank Certificate.
d.Trade license.
e.Income Tax Certificate along with TIN.
f.Any other documents as per current Export Policy of prescribed fees, concerned CCI & E office issue IRC and ERC.
On completion of required formalities and payment of prescribed fees, concerned CCI & E office issue IRC and ERC.
IRCs and ERCs are renewed every year on payment of prescribed fees.
For Import and Export of goods / services normally Letters of Credit are used as means of payment.

The following Books/Publications/Circulars etc. are followed for imports and exports  in Bangladesh.

What is IRC and ERC?

The internet has revolutionized the way we communicate and interact with others. Over the years, various technologies and protocols have been developed to facilitate real-time communication and collaboration. Two such protocols that play a significant role in the digital realm are IRC (Internet Relay Chat) and ERC (Ethereum Request for Comments). In this article, we will explore what IRC and ERC are, how they work, and the differences between them.

Understanding IRC (Internet Relay Chat)

IRC, short for Internet Relay Chat, is a protocol that enables users to participate in real-time group discussions or one-on-one conversations. It provides a platform for people from all over the world to connect, exchange messages, and share information. IRC has been around since the late 1980s and continues to be popular among various communities, including open-source projects, online gaming, and tech enthusiasts.

How does IRC work?

IRC operates on a client-server model, where users connect to IRC servers using a client software or web-based interface. Once connected, users can join different chat rooms or channels and engage in conversations with other participants. IRC relies on a decentralized network of servers, allowing messages to be relayed between users seamlessly.

Features and benefits of IRC

IRC offers several features that make it a preferred choice for many users. Firstly, it provides anonymity, allowing users to chat without revealing their real identities. Additionally, IRC supports a wide range of clients and platforms, making it accessible to users across different devices. Moreover, IRC channels can be moderated, enabling community administrators to manage discussions effectively. Overall, IRC fosters open communication and encourages collaboration among its users.

Exploring ERC (Ethereum Request for Comments)

While IRC focuses on real-time communication, ERC is related to the Ethereum blockchain, which is a decentralized platform for building decentralized applications (DApps). ERC stands for Ethereum Request for Comments and refers to a series of standards proposed for Ethereum token development and smart contracts. These standards help ensure interoperability and compatibility across different Ethereum-based projects.

What is ERC?

ERC standards are essentially technical specifications that outline the rules and guidelines for creating tokens and smart contracts on the Ethereum blockchain. They provide a common framework for developers to follow, which facilitates seamless integration and interaction between various decentralized applications. ERC standards ensure that different tokens and contracts can work together efficiently, creating a vibrant and interconnected ecosystem.

ERC standards and their importance

ERC standards are crucial for the Ethereum ecosystem as they establish a baseline for compatibility. Developers can refer to these standards to create tokens and smart contracts that adhere to best practices, reducing the risk of errors or vulnerabilities. Furthermore, ERC standards enable the seamless integration of tokens and contracts with other platforms and applications within the Ethereum network, enhancing interoperability and expanding the possibilities for decentralized finance (DeFi) and other use cases.

Common ERC standards in the Ethereum ecosystem

There are several ERC standards that have gained popularity and widespread adoption within the Ethereum community. One of the most well-known standards is ERC-20, which defines a set of rules for creating fungible tokens on the Ethereum blockchain. ERC-20 tokens have become the standard for Initial Coin Offerings (ICOs) and are widely supported by wallets, exchanges, and other Ethereum-based services.

a.Guide lines for Foreign Exchange Transactions published by Central Bank.
b.Import and Export Policy Order in force and Public Notice issued is Commerce Ministry.
c. UCPDC, ICC Publications including Publication NO. 600, 2007 Revision (To ensure uniformity of interpretation of International Trade)
d.F.E. Circulars issued by Central Bank.
e.International Circulars of   Banks.