Monitoring System for Steel Imports
The Government has introduced a Steel Import Monitoring
System (SIMS) vide Notification dated 5th September, 2019 which has changed the
import policy of specific iron and steel items appearing in Chapter 72, 73 and 86
of Indian Trade Classification (Harmonised System) [ITC
(HS)], 2017, Schedule – I (Import Policy) from 'free' to 'free subject to compulsory
registration'. This will require importers
of 284 tariff lines of iron and steel to submit advance information of their imports
on an online system to get an automatic registration number.
An importer can apply for registration not earlier
than 60th day and not later than 15th day before the expected
date of arrival of the import consignment. The validity of registration will be
for a period of 75 days. The only thing to be entered by an importer in the Bill
of Entry is the registration number and expiry date of registration.
The purpose of SIMS is to gather advance information
on important items of iron and steel and make it available to the stakeholders including
Government and Indian domestic industry in responding to the market conditions in
a more dynamic manner.
This information was given by the Minister of Commerce
and Industry, Piyush Goyal,
in a written reply in the Rajya Sabha 22 November 2019.