Indian Govt Amends Import Policy for Steel; Makes Compulsory Registration under SIMS
Indian government has amended its import policy covered under foreign trade policy of 2015-2020 from 'free' to ' free subject to compulsory registration under Steel Import Monitoring System (SIMS)' for the items covered under chapter 72,73 and 86.
The amendment can be summarized as
1. Government has replaced free imports with free subject to compulsory registration under SIMS for iron and steel products covered under chapter 72,73 and 86
2. Importers have to submit advanced information to online monitoring system known as SIMS and obtain an automatic registration number by paying a registration fee of Re 1 per thousand to minimum of Rs 500 and maximum of Rs 100,000 on CIF value
3. Importer can apply for registration not earlier than 60th day and not later than 15 th day before the expected date of arrival of imported cargo
4.Importer has to mention this registration number in bill of entry for customs clearance
5.This mechanism will be effective from 1st Nov 2019, that means bill of entry on or after 1st November will be governed under SIMS
6. The facility for online line registration will be available from 16th Sep 2019
source: SteelMint
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