(Zee News)
Public sector giant Steel Authority of India Limited (SAIL) announced on Tuesday that it has received the accreditation for the Authorised Economic Operator (AEO), Tier II from the Directorate of International Customs.
Recognised globally, this accreditation serves as a testament to an organisation’s commitment to compliance, integrity and supply chain security and helps in trade facilitation. AEO certification, issued by the Central Board of Indirect Taxes and Customs (CBIC), grants businesses specific benefits, including expedited customs clearance and reduced inspection requirements.
The AEO programme aims at fostering a secure and efficient trading environment in international trade. It is a trade facilitation move wherein benefits are extended to entities that have demonstrated strong internal control systems and a willingness to comply with the laws administered by CBIC.
The certificate was received by the Executive Director (Logistics & Infrastructure) on June 9 from the Principal Commissioner, Directorate of International Customs, New Delhi. This certification would give SAIL a competitive edge along with advantages like improved supply chain security, international recognition and access to knowledge sharing and networking opportunities, the SAIL statement added.
An Authorised Economic Operator (AEO) is a voluntary compliance program that recognises businesses as secure and reliable trade partners. It aims to enhance international supply chain security and facilitate legitimate trade. SAIL recorded an 11 per cent rise in its net profit for the January-March quarter of the financial year 2024-25 at Rs 1,251 crore, compared to Rs 1,126 crore in the same quarter a year ago.
The Maharatna public sector undertaking’s revenue from core operations rose 4.8 per cent to Rs 29,316 crore in the fourth quarter of the 2024-25 fiscal year, compared year-on-year with Rs 27,958 crore in the same quarter of the previous financial year.
Steel Authority of India’s board of directors have announced a final dividend issue of Rs 1.6 per share for the financial year ending 2024-25 of the face value of Rs 10 apiece.
This means that every eligible shareholder will receive a final dividend of Rs 1.6 per share for every share they own in the state-owned steel giant.
