The country's gem and jewellery sector has received an Authorised Economic Operator (AEO) status from the finance ministry which will facilitate exports and imports of gem and jewellery with shorter cargo release time, reduction in bank guarantee by 50 per cent compared to non-AEO entities and expedite resolution of customs, central excise and service tax cases.The sector has received this status following the efforts by the Gem & Jewellery Export Promotion Council (GJEPC) to take up the matter with the finance ministry. The AEO programme was introduced as a pilot project in 2011 (vide Circular No. 37/2011 – Customs dated 23rd August. 2011).The AEO programme, a crucial part of the broader ease of doing business initiative, has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters. Despite its benefits, the gem & jewellery sector was initially denied participation in the AEO programme.However, through proactive engagement with relevant ministries, the GJEPC successfully advocated for including the gem and jewellery industry in the AEO programme. 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 program, thereby enabling them to avail of associated benefits.Some 20 companies have already applied for AEO status. Based on these applications, Asian Star, a leading diamond and diamond jewellery manufacturer has been granted AEO status, making it the first in the Indian gem and jewellery industry to receive the certificate.Read more at:https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/indias-gem-and-jewellery-sector-gets-aeo-status-from-finance-ministry/articleshow/109615817.cms (ICE MUMBAI)

Fonte notizia: The Economic Times