FICCI launches special drive to increase Export turnover

Posted by Daily Shipping Times on 02-03-2017        Tweet

VISAKHAPATNAM: Federation of Indian Chambers of Commerce and Industry (FICCI) has launched a special drive to increase export turnover from tier-2 and 3 cities by creating awareness on ATA Carnets. Carnet is a temporary admission document, which simplifies the Customs procedures and clearances in a foreign Country without paying duty or bank guarantee for temporary import into that Country. It is valid for one year and considered a passport for goods to gain entry into various countries without checks at various points.

“It is useful for goods like jewellery, exhibition products, pharma products and many other goods,” FICCI Joint Director S. Vijayalakshmi said recently. She said as it was restricted to only metros, they decided to create awareness through Vizagapatam Chamber of Commerce and Industry in Visakhapatnam and chambers in Vijayawada, Tirupati and other tier-2 and 3 cities.

Transaction value

She said they were registering an increase in use of ATA Carnet by 10% over past few years. The present value of transaction stood at $25 million.

India and 75 countries are signatories to the conventions governing ATA Carnets. FICCI is the designated agency to facilitate it. It was introduced in 1963 and in India through FICCI in 1990.

She said ATA Carnet was a joint initiative of the World Customs Organisation (WCO) and World Chambers Federation (WCF), which initiated the system.

Ms. Vijayalakshmi said it entailed less administrative work and increased customs safety since the payment of import duties and taxes were guaranteed by the guaranteeing association affiliated to the ATA guarantee chain in the territory of temporary admission. The guarantee is automatic and the customs need not check its validity for each carnet.