FIEO is an organisation in India that was established to promote Indian exports, while RCMC is a certificate issued to members of FIEO. This article explains in detail the meaning of FIEO and RCMC.
What Is FIEO?
The Federation of the Indian Export Organisation abbreviated as FIEO is an apex body of Indian export promotion organisations, and was introduced by the Ministry of Commerce, Government of India. The organisation headquartered in New Delhi represents the spirit of enterprise of Indian entrepreneurs in the global market. This article explains in detail about thr FIEO RCMC – Are they Same.
What Are the Objectives of FIEO?
The primary goal of Federation of Indian Export Organisation is to help members in the promotion of Indian businesses in the international market, and proactively take up the issues and difficulties of exporters with the concerned agency so that the problems can be resolved at an early stage.
What Services Does the FIEO Offer?
Some of the FIEO’s export promotional activities are mentioned below:
- With the help of FIEO’s weekly e-bulletin, traders can stay updated with the global developments affecting international trade as well as India’s foreign trade-related information.
- The Indian Trade Portal provides online free services. The portal is a knowledge platform for Preferential Tariffs, Rules of Origin of 65 countries, MFN Tariffs, India’s contribution to exports, and Import statistics of 87 countries.
- The council has launched two more chat services for the FIEO website intending to clarify any queries related to arbitration, international agreement, patents, corporate legal affairs, technology transfer, copyright, trademarks, brand management, copyright, and quality standards.
- FIEO’s website displays press clippings on issues related to international trade. The organisation has initiated FOREX services that include forward rates, spot rates, forward calculator, pivot points, LIBOR rates, historical data, chart, currency source, and FOREX matrix.
What Is RCMC?
What Are the Two Types of Membership under FIEO?
There are two types of RCMC membership:
- Ordinary membership – This is the basic type of membership, meaning it is only appropriate for a company that has just initiated an import and export business.
- Associate Membership – Companies that are more experienced and are long-term players in the import and export business opt for associate membership. The fee for associate membership includes the actual price followed by the nominal GST.
What Is the Eligibility for the Registration of FIEO Membership?
- Manufacture exporters, merchant-cum-manufacturer exporters, service providers, and merchant exporters, can register with the FIEO to obtain the RCMC.
- If any Export Promotion Council or Commodity Board does not cover any export product, you can obtain RCMC from the FIEO.
- If a multi-product exporter is not registered with any Export Promotion Council or EPC, where the mainstream of business is yet to be settled, the exporter must obtain RCMC from the FIEO.
- For other than 14 services listed in the Handbook of Procedures, FIEO is the registering authority.
What Are the Benefits of RCMC or FIEO Membership?
Below mentioned are some crucial advantages of enrolling as a member of the Federation of Indian Export Organizations (FIEO):
- RCMC: Status holders, as well as non-status holders, obtain Registration-cum-membership certificate from FIEO under the Multiple Product Category, to obtain the benefits provided by the Foreign Trade Policy.
- MAI grant: FIEO disburses the Market Access Initiative Scheme grants to eligible members participating in trade fairs, exhibitions, and delegations abroad, and also provides booths at a subsidized cost to its members in overseas exhibitions. FIEO takes part in around 50 well-renowned exhibitions held across the world, annually.
- B2B meetings: Now and then, FIEO organises a meeting of its members with incoming delegations from foreign countries.
- Hosting on the FIEO website: The official website of FIEO allows its members to upload product pictures for free. Members can also host their profiles on the searchable FIEO website.
- FIEO search engine: In the search engine of the FIEO website, buyers can find names of only members exporting different products from India, and buyers have the options to contact them directly. The FIEO search engine is also available on the official website of many Indian missions, and this shall expand to many more websites in the coming time.
- FIEO provides the platform for members to discuss issues with various authorities like excise, customs, DGFT, etc. FIEO also organises regular meetings for decision-makers to solve the exporters’ problems.
- The FIEO council: The council issues Certificates of Origin to members and issues Visa Recommendation Letters to members to facilitate their overseas travel.
The Takeaway
To expand your export business in the international market, and avail of other important benefits you must become a member of the FIEO. Hope this blog FIEO RCMC – Are they same blog was helpful. Vakilsearch is now transitioning to Zolvit, which hosts a group of business experts, who can help you in obtaining RCMC registration under FIEO, in a hassle-free manner. To get your business FIEO registered with Zolvit, click here now!
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