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Corporate Laws Central Ministry of Corporate Affairs Foreign Trade (Development and Regulation) Act, 1992

Amendment in import policy of Iron & Steel

05-Sep-2019 | S.O. 3214(E)

Central Government has amended the import policy from free to "free subject to compulsory registration" under Steel Import Monitoring System (SIMS) for the tems under Chapters 72, 73 and 86 of ITC (HS), 2017, Schedule I (Import Policy) and inserted a new policy Condition to these three Chapters.
The Steel Import Monitoring System (SIMS) 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 Rs.1 per thousand subject to minimum of Rs.500/ and maximum of Rs. 1 lakh on CIF value. The importer can apply for registration not earlier than 60th day and not later than 15th 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.
The SIMS will be effective from 01.11.2019, i.e., Bill of Entry on or after 01.11.2019 for items as listed in the Annex to this Notification shall be governed by SIMS.The facility of on line Registration will be available with effect from 16/09/2019.

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