1 week ago
Government Eases One Star Export House Eligibility Norms
The government changed a rule for exporters seeking One Star Export House status.
Before, they had to meet export targets in all three previous financial years.
Now, most exporters only need to meet the targets in any two of those three years.
Gems and jewellery exporters are not covered by this change.
That sector already has a separate two-year requirement.
The Directorate General of Foreign Trade made the policy change.
Exporters with Star Export House status can receive benefits such as easier customs clearance.
The DGFT also introduced an automated facility for extending some export deadlines.
Exporters can now qualify for One Star Export House status by meeting performance norms in any two of the previous three financial years.
The earlier rule required exporters to meet the norms in all three preceding financial years.
The revised rule excludes the gems and jewellery sector, which already has a separate two-year requirement under Foreign Trade Policy 2023.
The Directorate General of Foreign Trade amended the relevant Foreign Trade Policy provision.
Star Export House status holders can receive non-fiscal benefits, including self-declaration-based customs clearance for imports and exports.
- Who
- The government and the Directorate General of Foreign Trade (DGFT).
- What
- Eligibility for One Star Export House status was relaxed from three qualifying years to any two of the previous three years.
- Where
- New Delhi.
- When
- Friday, August 21.
- Why
- To allow eligible exporters to qualify when they meet performance norms in any two of the three preceding financial years.
Key facts
- Previous requirement
- Exporters had to meet prescribed performance norms in all three preceding financial years.
- Revised requirement
- Exporters can qualify by meeting the norms in any two of the three preceding financial years.
- Sector exception
- The change does not apply to the gems and jewellery sector.
- Policy basis
- The Directorate General of Foreign Trade amended a provision of Foreign Trade Policy 2023.
- Recognition levels
- DGFT grants One Star through Five Star Export House recognition according to export performance.
- Status benefit
- Star Export House holders may receive self-declaration-based customs clearance for imports and exports.
- Additional facility
- DGFT introduced an automated facility for export-obligation extensions in certain Advance Authorisation and EPCG Authorisation cases considered by its committees.
Quotes
Directorate General of Foreign Trade
India’s trade authority that amended the foreign trade policy provision
“to allow granting of One Star Export House status to applicants (other than for the Gems and Jewellery sector) who possess export performance in any two out of the three preceding financial years subject to other provisions...”
thehansindia.com
Sources
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