29 June 2016
INDIA: Approved Importers Set to be Granted Streamlined Processing Privileges
India is expected to introduce a new import processing system for certain approved companies, with key benefits including deferred duty payments, exemption from statutory checks and a streamlined approval regime. The new system will see the integration of two existing import initiatives - the Accredited Clients Programme (ACP) and the Authorised Economic Operator (AEO) scheme.
Retaining the AEO title, the combined initiative will only be open to companies that can demonstrate a substantial history of compliance with previous import requirements. Once approved, companies will be entitled under the new AEO scheme to defer duty payments for up to two weeks. They will also be subject to no value thresholds on individual consignments, while the required accompanying paperwork will also be kept to a minimum.
It is anticipated the some 40% of the country’s imports will be processed through this streamlined programme, with around 1,000 companies expected to secure approved status.