Exporters and importers may soon be allowed faster clearances for their goods, with the finance ministry planning to start a scheme that would simplify customs procedures and reduce intervention.
In December 2010, the government had released a draft paper on Authorised Economic Operator (AEO) for public comments. “We have received comments and will finalise the guidelines shortly. We have to decide the benefits in terms of faster clearance and less examination”, said a finance ministry official.
The finance ministry is planning to roll out the scheme in phases and may begin by taking up pilot projects with six exporters, having a sound track record, good accounting system, financially solvent and a secure company. Initially, it will be voluntary since the revenue department feels it would not be easy for every business to meet the stringent norms, which have high compliance costs. Once the Authorised Economic Operator (AEO) status is granted, businesses will have a recognised quality mark which will indicate their secure role in the international supply chain and that their customs procedures are efficient and compliant. This may particularly benefit small businesses that account for the majority of importers and exporters.
Read lot more in Rubber4U – 15th April 2011 issue
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