Who is status holder under the Foreign Trade Policy and Procedure of India enumerated as per Foreign Trade Policy.
CS Executive · Economic, Commercial and Intellectual Property Laws · PYQS · December 2023
Who is status holder under the Foreign Trade Policy and Procedure of India enumerated as per Foreign Trade Policy.
Answer & Explanation:
Status Holders are business leaders who have excelled in international trade and have successfully contributed to the country's foreign trade. Status Holders are expected to not only contribute towards India's exports but also provide guidance and handholding to new entrepreneurs. Eligibility: All exporters of goods, services and technology having an Import-Export Code (IEC) number shall be eligible for recognition as a status holder. Status recognition depends upon export performance. An applicant shall be categorized as status holder upon achieving export performance during current and previous two financial years, as indicated in Foreign Trade Policy. The export performance will be counted on the basis of FOB value of export earnings in free foreign exchange. For deemed export, for value of exports in Indian Rupees shall be converted in US$ at the exchange rate notified by CBEC, as applicable on 1st April of each Financial Year. For granting status, export performance is necessary in at least two out of three years. Status Category Export Performance (in US $ million) One Star Export House 3 Two Star Export House 15 Three Star Export House 50 Four Star Export House 200 Five Star Export House 800
Topics: Foreign Trade Policy
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