✅Union Commerce Minister unveiled system-based automatic ‘Status Holder’ certificates under Foreign Trade Policy 2023. Commerce and industry minister Piyush Goyal launched a new initiative to issue IT system based automatic ‘Status Holder’ certificates to exporters under the Foreign Trade Policy 2023 under which the government will recognise about 20,000 exporters as Status Holders, up from 12,518 exporters recognised earlier.

♻️Details :

✅Aiming to reduce transaction costs and improve the ease of doing business, the Union Commerce Ministry automated the system of giving credibility to Indian exporters in the international markets.

✅At present, the exporter is required to file an online application along with an export certificate from a chartered accountant for the grant of status.

✅The DGFT Regional Offices will then issue the certificate in three days.

✅The new arrangement will lead to a simplified regime where no applications are invited from exporters and the certification is granted every year in August based on annual export figures available with the partner government agency i.e. Directorate General of Commercial Intelligence and Statistics (DGCIS).

✅This measure provides certain other privileges including simplified procedures under FTP 2023 and priority custom clearances on a self-declaration basis, exemption from compulsory negotiation of documents through banks, exemption from filing bank guarantees for FTP schemes, etc.

✅Under the new scheme, the Dept of Commerce will be recognizing about 20,000 exporters under FTP 2023 as Status Holders which will be a big jump from the earlier number of 12,518 exporters.

#GS3 #Economy #Policy #Pre