India's gem and jewellery sector has received an Authorised Economic Operator (AEO) status from the finance ministry.
National
India's gem and jewellery sector has received an Authorised Economic Operator (AEO) status from the finance ministry. It will facilitate exports and imports of gem and jewellery with shorter cargo release time, reduction in bank guarantee by 50 percent compared to non-AEO entities and expedite resolution of customs, central excise and service tax cases. This status, previously denied, now facilitates smoother export-import processes, reduces cargo release times, aiming to enhance ease of doing business. The Ministry of Finance now extends eligibility for AEO participation to units within the sector, enabling them to capitalize on associated benefits.
The AEO is a programme under the World Customs Organisation (WCO) SAFE Framework of Standards to secure and facilitate global trade.
The AEO programe was introduced as a pilot project in 2011.
Minister of State- Shiv Pratap Shukla, P. Radhakrishnan
Formed- 29 October 1946
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