Iron and steel import policy Amended

The Ministry of Commerce and Industry on 5th September, 2019 amended the Iron and steel import Policy on making the registration compulsory under Steel Import Monitoring System (SIMS) for the listed items.

Policy condition has been modified from ‘free’ to ‘free subject to compulsory registration under SIMS’ for the items mentioned in the annexure of the notification under Chapter 72, 73 and 86 of ITC (HS), 2017 and a new policy condition has been inserted to these three Chapters.

The Annexure to the amendment contains 284 custom tariff items, the import of such items will be subject to registration. An importer who intends to import any of these products is required to comply with the following provisions:

1. The Steel Import Monitoring System (SIMS) shall require importers to submit advance information in an online system for import of the listed items in the annexure and obtain an automatic registration number. 
2. Registration fee of Rs.1 per thousand subject to minimum of Rs.500/ and maximum of Rs. 1 lakh on Cost, Insurance, and Freight (CIF) value will be applicable.
3. The importer can apply for registration not earlier than the 60^th day and not later than the 15^th day before the expected date of arrival of import consignment
4. The Registration Number granted shall remain valid for a period of 75 days.
5. The importer will 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 1st November 2019, i.e., Bill of Entry on or after 01.11.2019 for the items as listed in the Annex and shall be governed by the SIMS. The facility for online Registration will be available with effect from 16/09/2019.

Click here to read the notification.