Commerce Ministry launches Steel Import Monitoring System
Union Minister of Commerce & Industry and Railways, Piyush Goyal launched Steel Import Monitoring System (SIMS) in New Delhi. The system has been developed in consultation with Union Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system.
About Steel Import Monitoring System (SIMS)
SIMS has been notified with effect from 1 November 2019. It will provide advance information about steel imports to Centre government and stake holders which includes steel industry (producers), steel consumers (importers) to have effective policy interventions.
SIMS shall require importers to submit advance information in an online system for import of 284 steel tariff lines at 8-digit HS code (Harmonized Item Description and Coding System) in order to obtain an automatic Registration Number by paying required registration fee.
The importers of specified steel products will register in advance on web portal of SIMS and will provide necessary information. The registration will be online and automatic and no human intervention is required.
The importer can apply for registration not before 60th day and not after 15th day before expected date of arrival of import consignment. The automatic Registration Number thus granted will remain valid for 75 days period. The importer shall also have to enter Registration Number and expiry date of Registration in Bill of Entry to enable Customs for clearance of consignment.
The information about steel imports provided by importers on SIMS will be monitored by Steel Ministry.
Category: Economy & Banking Current Affairs