Compulsory registration for imported iron, steel
According to the latest government mandate, it is now necessary for importers to register themselves with Steel Import Monitoring System (SIMS) to be able to import about 215 iron and steel products. These steel & iron commodities include commodities like flat-rolled products; some stranded wire, ropes, cables; certain items of springs and leaves for springs of iron and steel; tubes, pipes and hollow profiles; diesel-electric locomotives; and some parts of railways.
The Directorate General of Foreign Trade (DGFT), Commerce an1 Industry Ministry, has stated that “import policy” for these 215 items “has been revised from ‘free’ to ‘free’ subject to compulsory registration under SIMS”. The importer will have to give the details of the registration number and expiry date of registration in the bill of entry to enable customs to clear consignment. Online registration will commence from September 16 this year.
This import-export data will help make the system transparent and reduce the issue of over-invoicing and under-invoicing. “It will also protect the domestic industry and help in taking anti-dumping actions,” according to an official.