The Centre has prolonged Authorised Economic Operator (AEO) status to the gem and jewellery sector, the Gem & Jewellery Export Promotion Council (GJEPC), the apex physique of the sector, stated in a press release. The AEO programme was launched as pilot mission in 2011 by the Customs division as a part of a broader framework for ease of doing enterprise, which has been instrumental in simplifying export operations throughout numerous sectors, leading to important time and value financial savings for exporters.
The AEO is a programme beneath the World Customs Organisation (WCO) SAFE Framework of Standards to safe and facilitate international commerce. The intention is to improve worldwide provide chain safety and facilitate motion of authentic items. Under this programme, an entity engaged in worldwide commerce is permitted by the Customs as compliant with provide chain safety requirements, and granted AEO status and sure advantages.
India’s AEO Programme is in sync with the commitments made beneath Article 7.7 of WTO TFA. AEO is a voluntary compliance programme. It permits the Indian Customs to improve and streamline cargo safety by means of shut cooperation with the principal stakeholders of the worldwide provide chain viz. importers, exporters, logistics suppliers, custodians or terminal operators, customized brokers and warehouse operators, in accordance to the Central Board of Indirect Taxes (CBIC).
The gem and jewellery sector was initially denied participation within the AEO programme. “However, through proactive engagement with relevant Ministries, the GJEPC successfully advocated for the inclusion of the gem and jewellery industry in the AEO programme,” the GJEPC stated within the assertion.
“Consequently, the Ministry of Finance has communicated that units within the gem and jewellery industry are now eligible to apply for participation in the AEO programme, thereby enabling them to avail associated benefits,” it added. Out of the 20 corporations which had utilized for the AEO status, Asian Star, a diamond and diamond jewellery producer, had been granted AEO status, making it the primary within the Indian gem and jewellery trade to obtain the certificates.
