“Liberalised MSME AEO Package” For MSMEs
The Central Board of Indirect Taxes & Customs (CBIC) has taken a new initiative to introduce its flagship “Liberalised MSME AEO Package” for micro, small and medium enterprises (MSMEs).
- Through this package, CBIC encourages all eligible MSMEs to avail advantages of faster Customs clearances for accredited stakeholders in the global supply chain viz. importers, exporters, logistic service providers, custodians, etc.
- To attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has relaxed the compliance criteria provided the MSMEs have a valid certificate from their line-Ministry.
- The relaxed requirements allow MSMEs who have filed minimum 10 Customs clearance documents in one year and who have a clean compliance record over two years to apply for the scheme. The documentary requirements have also been appreciably simplified.
Benefits for AEOs
- The approved AEOs derive various benefits including the facility of Direct Port Delivery (DPD) of imported containers, Direct Port Entry (DPE) of their Export Containers, high level of facilitation in customs clearance of their consignments thereby ensuring shorter cargo release time, exemption from bank guarantees, as well as a Client Relationship Manager at the customs port as a single point of interaction.