GAIL Achieves: The Central Board of Indirect Taxes and Customs has granted Gas Authority of India Limited the designation of Authorised Economic Operator T3.
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Introduction
The Central Board of Indirect Taxes and Customs, Ministry of Finance, has awarded the renowned Authorised Economic Operator (AEO) T3 designation to GAIL India Limited, one of the country’s top natural gas companies. This certification establishes GAIL as a reliable and secure trade participant and represents the greatest degree of convenience for exporters and importers.
AEO Program
The World Customs Organisation (WCO), which oversees the AEO programme, wants to improve business accessibility by streamlining customs procedures and enhancing supply chain security globally. It gives customs administrations a framework for working with companies to improve compliance while enabling legal commerce flows.
Enhanced Trade Facilitation
GAIL India’s AEO T3 certification brings numerous advantages, establishing the company as a trusted and favored international trading partner. It enhances the speed and efficiency of global trade by simplifying customs procedures, reducing administrative burdens, and eliminating delays. GAIL now enjoys expedited treatment at ports and borders, streamlined customs clearance, and reduced examination and paperwork requirements. These benefits result in cost reductions, enhanced supply chain management, and an edge in the market.
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Boost to Supply Chain Security
GAIL India has strengthened its dedication to supply chain security and integrity by achieving higher AEO accreditation. The business has proven that it has effective internal controls, complies with customs laws, and uses secure business procedures. The AEO T3 accreditation acknowledges GAIL’s efforts in reducing risks related to international commerce, such as fraud, terrorism, and smuggling.
Implications for GAIL India’s Financial Performance
GAIL India’s recent announcement of obtaining Authorized Economic Operator Tier-3 (AEO T3) status has improved market sentiment, leading to a modest 0.048% rise in the company’s stock. GAIL shares were trading at Rs 105.10 on the National Stock Exchange (NSE), slightly higher than the previous closing price of Rs 105.05.
Important takeaways for competitive examination
- Sandeep Kumar Gupta is the chairman and managing director of GAIL
- Shri Vivek Johri is Chairman of Central Board of Indirect Taxes & Custom
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