You are here: Home » News-CM » Economy » News
Business Standard

Commerce and Industry Minister Launches Steel Import Monitoring System

Capital Market 

Provides advance information about steel imports to government and stake holders

Union Minister of Commerce & Industry and Railways, Piyush Goyal and Minister of State for Commerce & Industry, Hardeep Singh Purilaunched Steel Import Monitoring System (SIMS) in New Delhi today on 16 September 2019. The system has been developed in consultation with Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system.

The SIMS will provide advance information about steel imports to Government and stake holders including, steel industry (producers), steel consumers (importers) to have effective policy interventions.

In this system, the importers of specified steel products will register in advance on the web portal of SIMS providing necessary information. The registration will be online and automatic and no human intervention is required. 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 thus granted shall remain valid for a period of 75 days. The information about the steel imports provided by the importers on the SIMS will be monitored by the Steel Ministry.

Steel Import Monitoring System (SIMS) has been notified with effect from 1 November 2019 vide Notification No. 17 dated 5 September 2019. The system shall require importers to submit advance information in an online system for import of 284 steel tariff lines at 8-digit HS code in order to obtain an automatic Registration Number by paying prescribed registration fee. 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 01 November 2019, i.e., Bill of Entry on or after 01 November 2019. The facility of on line Registration will be available with effect from 16 September 2019.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 16 2019. 16:04 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU