Import of Screws below
CIF Value Rs. 129 per kg Prohibited
·
Govt
Imposes Ban on Imports of Cheap Screws
·
Screws
Import Attracts 15% Basic Duty with Additional Duties. The Total is 37.470%
with MIP of Rs. 129 per kg. Import will be over invoiced fetch. Each kilo of
screw wights 250 number. This means screws below 50 paise will be prohibited.
What if the screws in a consignment are not charged, free of cost? Yet another irritant
in the supply chain!
·
“Bolts,
Nuts and Fasteners” are subject to BIS from July 2023. Thus
imports all are already prohibited
The
government on Wednesday (03.01.2024) imposed a ban on imports of certain kinds
of screws priced lower than Rs 129 per kg, a move which would help promote
domestic manufacturing. "The import policy of screws...is revised from
free to prohibited. However, import shall be free if CIF (cost, insurance,
freight) value is Rs 129 or above per kg," the Directorate General of
Foreign Trade (DGFT) said in a notification.
Products
included in the ban are coach crews, machine screws, wood screws, hook screws,
and self-tapping screws.
India
imported screws, bolts, nuts, washers and similar articles worth USD 827
million in 2022-23 and USD 468.15 million during April-October this fiscal.
These
are imported from countries like France, China, Australia, Bangladesh, Brazil,
and Belgium.
DGFT
amends import policy condition for ‘Screws’ by revising it from ‘Free’ to
‘Prohibited’; However, clarifies that import shall be ‘Free’ if CIF value if
Rs. 129 or above per kg; With the approval of Minister of Commerce and
Industry, amends specific HS Codes covered under Chapter 73 of the ITC (HS)
2022, Schedule -I (Import Policy) which includes Coach screws, Machine screws, Other wood screws, Screw hooks and screw rings, Self-tapping
screws and bolts etc.
Policy Condition 2 and 3
2.
Import under all HS codes of this Chapter shall
require compulsory registration under Steel Import Monitoring System (SIMS).
[Condition No. 2 inserted by
33-Ntfn/28.09.2020]
3.
(a) Items: As per the Annex.
(b)
Policy Condition to Chapter 72, 73 and 86 of ITC (HS): Import Policy for the items
as listed in the Annex has been revised from free to free subject to compulsory
registration under Steel Import Monitoring System (SIMS).
(c)
The Steel Importing Monitoring System (SIMS) shall
require importers to submit advance information in an online system for import of
items and obtain an automatic Registration Number by paying registration fee of
Rs.500 /-. The importer can apply for registration not earlier than 60th 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.
[Condition 3c amended by Ntfn
28/28.08.2023].
(d)
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.
(e)
The SIMS will be effective from 21.11.2019, i.e. Bill
of Entry on or after 21.11.2019 for items listed in the Annex to this
Notification shall be governed by SIMS.
[DGFT Notification No. 55/2023 dated 3
January, 2024]
Effect of
the notification:
The Import Policy of Screws under lTC (HS) Codes
73181110, 73181190, 73181200, 73181300, 73181400, 73181500 and 73181900 is
revised from "Free" to "Prohibited". However, import shall
be "Free" if CIF value is Rs. 129/- or above per Kg. This is issued
with the approval of Minister of Commerce & Industry.
Subject:
Amendment in Import Policy and Policy condition of Screws covered under HS code
7318 of Chapter 73 of Schedule -1 (Import Policy) of lTC
(HS) 2022.
S.O. (E): In exercise
of powers conferred by Section 3 and Section 5 of Foreign Trade (Development &
Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy
2023, as amended from time to time, the Central Government hereby amends the import
policy and policy condition for specific HS codes covered under Chapter 73 of the
lTC (HS), 2022, Schedule-! (Import Policy) as under:
|
HS code |
Item Description |
Existing Import Policy |
Existing Policy
Condition |
Revised Import Policy |
Revised Policy
Condition |
|
73181110 |
-Threaded articles:
-- Coach Screws --- Machine screws |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
|
73181190 |
-Threaded articles:
-- Coach Screws --- Other |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
|
73181200 |
- Threaded articles : -- Other !wood screws |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
|
73181300 |
- Threaded articles -
Screw hooks and screw rings |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
|
73181400 |
- Threaded articles : -- Self- tapping screws |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
|
73181500 |
- Threaded articles :
-- Other screws and bolts, whether or not with their nuts or washers |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
|
73181900 |
- Threaded articles : -- Other |
Free |
Subject to Policy
condition no. 2 and 3 of this Chapter |
Prohibited |
However, import is
"Free" if CIF value is Rs. 129/- or above per Kg and subject to
Policy condition no. 2 and 3 of this Chapter |
{Issued
from File No. 01/89/180/13/AM-23/PC-2[A] /E-37595)