Small exporters get compliance relief as govt removes RCMC requirement for shipments up to Rs 3 lakh
The government has removed the requirement of Registration-cum-Membership Certificate (RCMC) or Certificate of Registration for export consignments with a Free-on-Board (FOB) value of up to Rs 3 lakh, in a move aimed at reducing compliance hurdles for MSMEs, first-time exporters and small businesses, according to a release by the Ministry of Commerce and Industry.
The Indian government has removed the requirement of Registration-cum-Membership Certificate (RCMC) for export consignments valued up to Rs 3 lakh, in a bid to alleviate compliance burdens for micro, small, and medium enterprises (MSMEs), first-time exporters, and small businesses. This amendment, made by the Directorate General of Foreign Trade (DGFT) to Para 2.57 of the Foreign Trade Policy 2023, is expected to streamline the export process for low-value shipments that currently account for 43% of shipping bills but only 0.86% of India's total merchandise export value.
The exemption is anticipated to facilitate the entry of small manufacturers, artisans, entrepreneurs, and emerging businesses into international markets with reduced initial compliance requirements.
Brief written by urgent.news from The Economic Times - Economy's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
