By IANS
Chennai : India’s largest car exporter and second largest car manufacturer Hyundai Motor India Limited has been awarded the ‘Premier Trading House Certificate’.
The Chennai-based company becomes the first automobile company to get this status based on its export performance. Exporting 400,000 cars to over 65 countries out of Chennai as on July 31 this year, Hyundai Motor India crossed the cumulative export revenue mark of Rs.100 billion this year.
In a statement issued by the company H.S. Lheem, managing director stated: “The certificate will help us facilitate further exports.”
Premier Trading House status is based on the total export performance during the previous three years. Hyundai crossed the Rs.50 billion mark over a period of three years and has the coveted five star status of Premier Trading House.
The five-star certification offers Hyundai Motor India several advantages like getting custom clearance for both exports and imports on self-declaration basis. The company will also exempted from compulsory negotiation of documents through bank with the remittance to be received through bank.
Hyundai Motor India can now retain 100 percent foreign exchange in Exchange Earner’s Foreign Currency (EEFC) account. Further the export proceeds can be reclaimed in 360 days, double the time available under normal circumstances.
The company will be exempt from furnishing bank guarantee for Exim Policy matters. The company is set to double its production capacity to 600,000 units by this yearend. Hyundai Motor India’s Chennai plant is the company’s global export hub for compact cars.