Govt waives RCMC requirement for exports up to ₹3 lakh
Under the amended provision, exporters will not need an RCMC or certificate of registration for consignments with a free-on-board (FOB) value of up to ₹3 lakh.
The government has waived the requirement for a registration-cum-membership certificate (RCMC) or certificate of registration (RC) for exports valued at up to ₹3 lakh. This amendment to the Foreign Trade Policy 2023 aims to ease compliance burdens for small and medium enterprises, artisans, first-time exporters, and businesses utilizing e-commerce channels.
According to the DGFT, this exemption will affect a significant portion of low-value export transactions, which currently account for 43% of shipping bills but only 0.86% of India’s total merchandise export value. The exemption is set to encourage new exporters to explore international markets while minimizing initial compliance costs.
However, exporters must obtain an RCMC or RC for consignments exceeding the ₹3 lakh threshold. The government suggests that exporters scaling up can later join Export Promotion Councils and benefit from their support, though membership should ideally be based on an exporter’s buyer connections and market intelligence rather than merely being a requirement for government benefits.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Small exporters get compliance relief as govt removes RCMC requirement for shipments up to Rs 3 lakh economictimes.indiatimes.com
