Problems with UCR delay implementation of export monitoring project

Exporters’ problems with the unique consignment reference (UCR) number may have rather put the brakes on the SA Reserve Bank (SARB) plans to start fullscale electronic monitoring and matching of exports (EMME) this year. The scheme is aimed at introducing an automatic system for checking exports leaving the country, and the money coming back into SA to pay for them – and the ultimate phasing out of the F178 foreign exchange form. Addressing members of various chapters of the Exporters’ Club of SA early last year, senior manager of the Reserve Bank, Queen Mogane, said the scheme (which was then in a pilot phase) had many benefits for the exporter. “It not only allows for a more streamlined process, but sees the entire process being simplified and computerised,” she said. “It is part of the initiative to do away with paper-based and manual forms. “The Reserve Bank is charged with ensuring value does not leave the country without being recompensated. It is therefore important to match the physical flow of goods (exports) out of the country with the flow of funds (export proceeds or receipts) into the country resulting from the exports.” All this is based on that UCR number. “The SARB uses the unique number to link the physical export of goods with the receipt of payment for these exports,” she explained to exporters. “It must be used when goods are cleared through customs – and exactly the same number must be used when receiving payment for these goods via the banking system. “It therefore follows that the correct and accurate use of these unique numbers is critical to the electronic matching of exports with receipts.” Soon after, in his annual budget speech, the then minister of finance, Trevor Manuel, briefly mentioned the electronic monitoring project and hinted that it would be fully introduced in 2010. But it has gone all quiet on the western front, and members of the SA freight and forwarding community have told FTW that they have heard nothing more of the project since last year’s explanatory road-show presented by the SARB. Meanwhile, inside sources at the Reserve Bank have revealed that everything currently depends on exporters being able to get to grips with that UCR. They are apparently struggling with the number, which is “critical” in the plans for EMME. “We’re currently trying to sort out that UCR,” our SARB source told FTW. “But we do still want to implement the system this year.”