Govt Eases Star Export House Norms To Support More Exporters
The government has eased One Star Export House eligibility rules, allowing exporters to qualify if they meet performance criteria in any two of the previous three financial years. The DGFT revision excludes gems and jewellery exporters. A new automated facility for export obligation extensions under Advance Authorisation and EPCG schemes has also been introduced.
Govt Eases Star Export House Norms To Support More Exporters | AI Representational Image
New Delhi, Aug 21: The government on Friday relaxed the 'One Star Export House' eligibility condition for exporters by revising the specific international trade and financial performance norms in three consecutive fiscal years.
Earlier, exporters were required to achieve specific export performance in all three preceding financial years to receive the ‘Star Export House’ status. Under the revised norms, export firms reporting the same in any two of the three preceding fiscals will be eligible to get this recognition.
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Revised export eligibility norms
This change, however, does not apply to the gems and jewellery sector as that sector already has a separate two-year requirement under foreign trade policy (FTP) 2023.
The Directorate General of Foreign Trade (DGFT) has amended a provision of the FTP "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...".
Upon achieving prescribed export performance, recognition as one star export house, two star export house, three star export house, four star export house and five star export house is accorded to the eligible applicants by DGFT, as per their export performance.
Such status holders are eligible for various non-fiscal privileges such as customs clearances for both imports and exports on a self-declaration basis.
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DGFT introduces automated facility
In a separate trade notice, DGFT said that it has introduced an automated facility for grant of export obligation extension in respect of Advance Authorisation and Export Promotion Capital Goods (EPCG) Authorisation cases considered by PRC (Policy Relaxation Committee)/EPCG Committee.
These committees are key decision-making bodies of the DGFT. They examine exporters' requests for relief, policy relaxations and extensions in cases where strict trade policy provisions cause genuine hardship.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
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