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K.R. Srivats

New Delhi , June 8

IN a procedural relief for corporates that are involved in exports in a big way, the Director General of Foreign Trade (DGFT) has modified its earlier norm relating to automatic renewal of status holder certificates that expired on March 31 this year.

The facility of automatic renewal of such status holder certificates was announced by the DGFT on March 31. The last date for filing of renewal application had been fixed on October 31.

The DGFT has now said that the benefits of status holder scheme may be made available to status holders seeking renewal of their certificates so long as a one-time undertaking is obtained from such exporters.

It has been specified that the one-time undertaking should indicate that the export turnover mandated for grant of status holder certificate has been achieved and also that the application for renewal would be made on or before October 31.

Prior to the latest change, the DGFT had on March 31 held that the status of such status holders stands automatically renewed from April 1 till the date of allotment of the renewed status holder certificate for those applicants "who are eligible for renewal of status holder certificate and have made the application for renewal accordingly."

Informed sources highlighted that the amendment to Exim procedures in March stipulated that the automatic renewal would be available only when the application for renewal has already been submitted.

More Stories on : Exports & Imports | Foreign Trade

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