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Saturday, February 24, 2024

Indian exporters will get automatic ‘Status Holder’ certificates

India has launched a new initiative to issue system-based automatic “Status Holder” certificates under the Foreign Trade Policy (FTP) 2023.

An exporter will no longer be required to apply to the office of the Directorate General of Foreign Trade (DGFT) for a status certificate.

Since it is a system-based certificate, the export recognition will be provided from the IT system of the Directorate General of Commercial Intelligence and Statistics (DGCIS) merchandise export electronic data.

“This initiative will not only reduce compliance burden and promote ease of doing business but also recognizes the need and importance of collaboration within the Government,” a Press Information Bureau press release said.

Under the current system, an exporter has to file an online application along with an export certificate from a chartered accountant for a grant of the status.

“The new arrangement is a simplified method under which no applications are invited from exporters and the certification is granted every year in August, based on annual export figures available with DGCIS,” the press release added.

From the earlier number of 12,518 exporters, the Ministry of Commerce and Industry will be recognizing about 20,000 exporters under FTP 2023 as Status Holders under the new scheme.

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