India Amends Steel Import Policy Making Registration Compulsory under SIMS

India’s Directorate General of Foreign Trade announced that import policy for 215 items has been revised from free to free subject to compulsory registration under SIM making it mandatory for traders to register themselves with Steel Import Monitoring System to import these steel products under Chapter 72, 73 and 86 of ITC HS. The Steel Import Monitoring System shall require importers to submit advance information in an online system for import of items in the Annex and obtain an automatic Registration Number by paying registration fee of INR 1 per thousand subject to minimum of INR 500 and maximum of INR 1 lakh on CIF value The importer can apply for registration not earlier than 60 day and not later than 15 day before the expected date of arrival of import consignment. The automatic Registration Number thus granted shall remain valid for a period of 75 days. Importer shall have to enter the Registration Number and expiry date of Registration in the Bill of Entry to enable Customs for clearance of consignment. The SIMS will be effective from 01 11 2019. i.e., Bill of Entry on or after 01.11.2019 for items as listed below shall be governed by SIMS.

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