AEO Status Given To Gem and Jewellery Sector by Government

  • About Authorised Economic Operator (AEO) Programme 
  • AEO is a business entity involved in the international movement of goods requiring compliance with national customs law. 
  • Approved by or on behalf of the national administration in compliance with the World Customs Organization (WCO). 
  • AEO is one of the three pillars of the WCO SAFE Framework of Standards (WCO SAFE FoS).

 


What Is The AEO Programme? 

  • Introduced in India by the Central Board of Indirect Taxes and Customs (CBIC) in 2011. 
  • AEO offers simplified customs procedures and faster customs clearances to entities offering high-security guarantees. 
  • Benefits include direct port delivery for imports and exports, special focus for small and medium scale entities, easy and fast disbursal of drawback amount, refunds and adjudications, paperless declaration, site inspection or examination, and recognition by partner Government agencies and other stakeholders.

 


Who can apply for AEO Status? 

  • Business entities involved in the international supply chain undertaking customs-related activity in India can apply for AEO status. 
  • Key Facts about the World Customs Organization (WCO) 
  • Established in 1952, the WCO represents 186 customs administrations worldwide processing approximately 98% of world trade.
Posted in Current Affairs.