The HR Board Blog is a forum for updating & discussing the practical aspects of Indian Labour Law and its impacts in growing industry.
Sunday, 8 September 2019
DGFT - Amends the Import Policy of Iron and Steel
Via Notification No. - 17/ 2015-2020 The Directorate General of Foreign Trade (DGFT) dated September 05, 2019, has amended the import policy to ‘free subject to compulsory registration under Steel Import Monitoring System (SIMS)’ from ‘free', for certain items under Chapter 72 which specifies Base metals and articles of base metals, 73 which specifies the articles of iron and steel and 86 which specifies the vehicles, aircraft, vessels and associated transport equipment of ITC (HS), 2017, Schedule – I (Import Policy) and insert a new policy condition.
Policy Condition to Chapter 72, 73 and 86 of ITC (HS): Specific items (Page 3) in Chapter 72, 72 and 86 shall be subject to Steel Import Monitoring System (SIMS).
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. 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 shall remain valid for a period of 75 days.
Further, 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 November 01, 2019 and the facility of online Registration will be available with effect from September 16, 2019.