Did SAIL Just Become an Authorised Economic Operator?
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Synopsis
SAIL's recent accreditation as an AEO Tier II is a significant milestone, enhancing its global trade capabilities. This achievement not only underscores SAIL's commitment to compliance and security but also promises numerous benefits, including expedited customs processes and improved supply chain security. Discover the implications of this important certification.
Key Takeaways
- SAIL achieves AEO Tier II accreditation.
- Expedited customs clearance benefits are now available.
- The certification enhances supply chain security.
- SAIL reported an 11% increase in net profit.
- Final dividend of Rs 1.6 per share announced.
New Delhi, June 10 (NationPress) The renowned public sector enterprise, Steel Authority of India Limited (SAIL), shared exciting news on Tuesday regarding its achievement of accreditation as an Authorised Economic Operator (AEO), Tier II, awarded by the Directorate of International Customs.
This globally recognized accreditation highlights an organization’s dedication to compliance, integrity, and supply chain security, significantly aiding in trade facilitation. The AEO certification, provided by the Central Board of Indirect Taxes and Customs (CBIC), offers businesses distinct advantages, such as faster customs clearance and fewer inspection protocols.
The AEO initiative is designed to promote a secure and efficient trading atmosphere in international commerce. It rewards entities that exhibit robust internal control systems and a commitment to adhere to the regulations enforced by the CBIC.
The certificate was officially presented to the Executive Director (Logistics & Infrastructure) on June 9 by the Principal Commissioner of the Directorate of International Customs in New Delhi. This accreditation will bestow upon SAIL a competitive advantage, including enhanced supply chain security, global recognition, and access to valuable knowledge-sharing and networking opportunities, as stated by SAIL.
An Authorised Economic Operator (AEO) is a voluntary compliance initiative that acknowledges businesses as secure and trustworthy trading partners, aiming to bolster international supply chain security and facilitate legitimate trade.
In recent financial updates, SAIL reported an 11% increase in net profit for the January-March quarter of the fiscal year 2024-25, totaling Rs 1,251 crore, up from Rs 1,126 crore during the same period last year.
The Maharatna public sector entity also noted a 4.8% rise in revenue from core operations, reaching Rs 29,316 crore in the fourth quarter of the fiscal year 2024-25, compared to Rs 27,958 crore in the same quarter of the previous year.
Furthermore, the board of directors of Steel Authority of India announced a final dividend of Rs 1.6 per share for the fiscal year ending 2024-25, based on a face value of Rs 10 per share.
This implies that every eligible shareholder will receive a final dividend of Rs 1.6 for each share owned in the state-owned steel giant.
Point of View
SAIL's AEO accreditation reflects positively on India's commitment to enhancing its trade environment. This designation not only boosts SAIL's operational efficacy but also strengthens India's position in global trade, promoting a secure and reliable trading framework.
NationPress
14/06/2025
Frequently Asked Questions
What is the Authorised Economic Operator (AEO) accreditation?
The AEO accreditation is a voluntary compliance program that recognizes businesses as secure and reliable trade partners, aiming to enhance international supply chain security and facilitate legitimate trade.
What benefits does SAIL gain from the AEO certification?
With the AEO certification, SAIL can enjoy expedited customs clearance, reduced inspection requirements, improved supply chain security, and enhanced international recognition.
How does AEO accreditation impact international trade?
AEO accreditation fosters a secure and efficient trading environment, encouraging businesses to comply with international trade laws and regulations, thus facilitating smoother global commerce.
When was SAIL's AEO certificate awarded?
SAIL received its AEO Tier II certificate on June 9, 2023, from the Principal Commissioner of the Directorate of International Customs in New Delhi.
What recent financial performance has SAIL reported?
SAIL reported an 11% increase in net profit for the January-March quarter of the fiscal year 2024-25, reaching Rs 1,251 crore.
