DGFT urges AEOs to make full use of ‘Self Ratification Scheme’ to reduce transaction time & costs
New Delhi, May 14 (KNN) The Directorate General of Foreign Trade (DGFT) has requested the Authorized Economic Operators (AEOs) to make full use of Self- Rectification Scheme of the Foreign Trade Policy.
In a notification, DGFT said “All AEOs who are users of duty exemption scheme, are requested to make full use of Self Ratification Scheme. “
Government had notified a Self-Ratification scheme for Advance Authorization (under para 4.07 A of the FTP 2015-20) for AEOs in the interest of ease of doing business.
The scheme allows advance authorizations to be taken on self-declaration and self-ratification basis for cases where Standard Input Output Norms (SION) is not notified, without the need of going through the process of norms fixation/ratification by the concerned Norms Committee (NCs).
However, it is observed that in-spite of more than 3500 AEO already registered with CBIC, there are comparatively very few AEOs, who are using this scheme to get their advance authorizations.
In view of above, AEOs who are users of duty exemption scheme, are urged to make full use of Self Ratification Scheme in order to reduce transaction time and costs.