Amendment in import policy of Iron & Steel and incorporation of policy condition in Chapter 72, 73 and 86 of ITC (HS) 2017 Schedule — I (Import Policy)
The Central Government hereby amends the import policy from ‘free’ to ‘free’ subject to compulsory registration under Steel Import Monitoring System (SIMS)’ for the following items under Chapter 72, 73 and 86 of ITC (HS), 2017, Schedule — I (Import Policy) and insert a new policy Condition.
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.
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 in the Annex to this Notification shall be governed by SIMS. The facility of on line Registration is now available with effect from 16/09/2019.
Effect of the Notification: Specific items in Chapter 72, 73 and 86 shall be subject to Steel Import Monitoring System (SIMS)
Download the Notification Here
M/s S.J. EXIM Services- Q-Freight Team
Contact Person: Ravi Shekhar Jha
Disclaimer: Please refer to official sources before effecting a decision