FIEO is the acronym of Federation of Indian Export Organization. Ministry of trade and commerce and private trade and Industry jointly instituted FIEO in 1965. The main functioning of the Organization is to promote international trade and is responsible for representing and assisting entrepreneurs and exporters in a foreign market. Thus, FIEO is working actively to extend and enhance India's market and exports.
The Organization represents the interest of government Recognized exporting firms viz. Export House/Star Export House/Trading House. FIEO is not only involved in promoting the export of merchandise but also involved in promoting the export of services.
The FIEO works as an indicative for all the Indian businessmen who are indulge in export-import market. With the help of FIEO registration, FIEO regulates all export related organizations in India. Thus, it acts as a partner for the Government of India in promoting India’s exports. FIEO registration helps the businessmen to expose multiple benefits such as global exposure, thorough guidance on key areas of global trade such as Foreign Trade Policy (FTP) and various concessions to MSMEs.
Membership of FIEO
The membership rules of FIEO are governed by the Government of India’s Foreign Trade Policy and Memorandum and Articles of Association of FIEO. According to the foreign trade policy, an exporter needs to get the Registration- cum –Membership Certificate (RCMC) for availing the benefits provided to the Exporter under this policy. For Registration, FIEO has been recognized as Export Promotion council by government.
Benefits of FIEO Registration
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1
Global Exposure
FIEO registration gives the exporters a proper guidance related to international exposure.
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2
Guidance Via Online Chat
FIEO registration holder exporter has the access to necessary guidance through online chat on issues like FTP & corporate laws etc.
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3
Free Online Business
Portal like e-bay provides convenience to run free online stores to FIEO Members for 6 months & Amazon provide the same offer for 3 months.
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4
Subsidy On Air Travel
FIEO registration helps the exporters to avail the benefit of 10% discount on all domestic & international air-tickets.
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5
Easy And Affordable Credit Rating
One of the prominent credit rating agencies CRISIL allows 10% discount on credibility analysis services for FIEO exporters.
Documents Required to obtain RCMC/FIEO Registration
Exporter obtaining RCMC can provide an application in the specified format as given in appendices register and can become a member of EPC.
For the purpose of becoming the member, the following documents are required to submit.
- Application for Registration –cum- Membership, providing the business line information.
- A self-attested copy of the Importer and Exporter Code (IEC) number.
- Bank Statement of the applicant.
- SSI/IEM certificate, where the applicant is in the business of manufacturing.
- Declaration in relation to the export and import effected during precedent FY.
A copy of Memorandum and Article of Association in case companies and where partnership firms are applicant than partnership deed needs to be submitted.
Registration-Cum-Membership Certificate
According to the Foreign Trade Policy, an exporter is required to get a Registration-cum-Membership Certificate (RCMC) for profiting different advantages under the Policy. For enrollment purposes, FIEO has been perceived by the Government as an Export Promotion Council.
Validity of RCMC/FIEO Registration
The RCMC shall be deemed to be valid from 1ST April from the licensing year and shall be valid for five years.
RCMC Registration under Export Promotional Council
India has total number of 26 Export Promotion Councils and 9 commodities board. EPC and Commodities Board are responsible to issue RCMC. Central government has given them the authority to issue RCMC to the exporters. Every EPC and the commodities board in India classify itself on the basis of type of products.
Implication Related to Change in Constitution of Business of RCMC Holder
- If there is an adjustment in possession, constitution, name or address of an exporter, it is compulsory for the RCMC holder to imply the change to the enrolling authority with a month from the date of such change. Enlisting authority acknowledges defers that are made on merits.
- Exporter outfits quarterly return/subtleties of the fares of various products to the concerned enrolling authority. In any case, the status holders likewise send quarterly comes back to FIEO in the configuration that is indicated by FIEO
Registration Procedure for FIEO Registration
- An exporter craving to acquire a RCMC, needs to proclaim his primary line of business in the application made to the Export Promotion Council identifying with that line of business.
- If the fare item isn't secured by any Export Promotion Council/Commodity Board and so on, RCMC in regard thereof is to be acquired from FIEO.
- If there should be an occurrence of multi item exporters, not enlisted with any EPC, where principle line of business is yet to be settled, the exporter needs to acquire RCMC from Federation of Indian Exporters Organization (FIEO).
Penalties
The Export Promotion Council may de-register the Exporter for a specific span of time for violating the conditions of Registration after proving reasonable opportunity to defend them.