The Government of India issued Notification No. 22 (RE-98)/1997-2002, dated September 21, 1998, amending the Export and Import Policy for 1997-2002. The amendment introduced changes to the criteria for exporters seeking renewal of recognition. Specifically, exporters granted recognition from April 1, 1997, onward are exempt from meeting the 20% annual average growth requirement for export performance when applying for renewal during 1998-99. Additionally, new provisions allow manufacturing companies with annual turnovers of Rs. 300 crores and Rs. 1,000 crores to be recognized as Star Trading Houses and Super Star Trading Houses, respectively, based on a Memorandum of Understanding. These companies must commit to achieving the prescribed export targets over the next three years. The notification aims to ease compliance requirements for recognized exporters and encourage large manufacturers to increase exports.
PART-II, SECTION-3, SUB SECTION (ii)
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE
NOTIFICATION NO. 22 (RE-98) 1997-2002,
NEW DELHI: 21.9.98
In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Export and Import Policy, 1997-2002 (incorporating amendment made upto 13.4.98) , the Central Government hereby makes following amendments in the Export and Import Policy, 1997-2002: (incorporating amendment made upto 13.4.98)
The following may be added at the end of paragraph 12.12:
“However, wherever such recognition has been granted for the period commencing from 1.4.97, the exporter while applying for renewal during 1998-99 shall not be required to achieve a minimum of 20% annual average growth in export performance over the FOB/NFE value of exports on which such recognition was granted”.
1. The following may be added as paragraph 12.12A after paragraph 12.12.
“Manufacturing companies or industrial houses with an annual manufacturing turn over of Rs. 300 crores and Rs. i,000 crores in the preceding licensing year shall be recognised as Star Trading House and Super Star Trading House respectively on signing an Memorandum of Understanding in the prescribed form for achieving physical exports as currently prescribed for these categories over a period of next three years”.
2.This issues in public interest.
Sd/-
(N.L.Lakhanpal)
Director General of Foreign Trade and ex-officio
Additional secretary to the Government of India
Copy to all concerned:
(Ajay Sahai)
Dy.Director General of Foreign Trade
(F.No. PRU/AS/98-99/Special Package)
