Summary: The Directorate General of Foreign Trade (DGFT) has promptly updated the registration fee structure for the Steel Importing Monitoring System (SIMS), resulting in immediate revisions. Under the new policy, importers are required to submit advance information through an online system for imports and secure an automatic Registration Number by paying a registration fee of ₹500. This fee modification aims to ensure more effective monitoring of steel imports and streamline the import process.Article:The Directorate General of Foreign Trade (DGFT) has swiftly implemented a significant change to the registration fee structure within the Steel Importing Monitoring System (SIMS). In its Notification No. 28/2023 dated August 28, 2023, the DGFT has revised the registration fee with immediate effect.In accordance with the powers vested in it by Section 3 and Section 9 of the Foreign Trade (Development and Regulation) Act, 1992, and in line with the Foreign Trade Policy, 2023, the Central Government has amended Policy Condition No. 4(c) of Chapter 72, Policy Condition No. 3(c) of Chapter 73, and Policy Condition No. 3(c) of Chapter 86 of Schedule 1 – Import Policy – ITC(HS) 2022.Existing Policy Condition:Importers using the Steel Importing Monitoring System (SIMS) were required to furnish advance information for the import of items and obtain an automatic Registration Number. This was achieved by paying a registration fee of ₹1 per thousand, with a minimum of ₹500 and a maximum of ₹1 lakh based on the CIF value. Importers were allowed to apply for registration no earlier than the 60th day before the expected arrival of the import consignment, and the granted Registration Number remained valid for 75 days.Revised Policy Condition:Under the updated policy, importers utilizing the Steel Importing Monitoring System (SIMS) are now expected to provide advance information for imports through the online system and secure an automatic Registration Number. However, the registration fee has been revised to a flat rate of ₹500. Importers can initiate registration no earlier than 60 days before the anticipated arrival of the import consignment, and the automatically granted Registration Number will retain its validity for 75 days.Conclusion: The swift revision of the registration fee under the Steel Importing Monitoring System (SIMS) by the DGFT reflects a proactive approach to policy adjustments in the realm of steel imports. This alteration, effective immediately, aims to simplify the registration process while continuing to facilitate effective monitoring of steel imports. As importers adapt to the new flat fee structure, it is expected to contribute to streamlining the import process and enhancing the overall efficiency of steel imports.
Summary: The Directorate General of Foreign Trade (DGFT) has promptly updated the registration fee structure for the Steel Importing Monitoring System (SIMS), resulting in immediate revisions. Under the new policy, importers are required to submit advance information through an online system for imports and secure an automatic Registration Number by paying a registration fee of ₹500. This fee modification aims to ensure more effective monitoring of steel imports and streamline the import process.Article:The Directorate General of Foreign Trade (DGFT) has swiftly implemented a significant change to the registration fee structure within the Steel Importing Monitoring System (SIMS). In its Notification No. 28/2023 dated August 28, 2023, the DGFT has revised the registration fee with immediate effect.In accordance with the powers vested in it by Section 3 and Section 9 of the Foreign Trade (Development and Regulation) Act, 1992, and in line with the Foreign Trade Policy, 2023, the Central Government has amended Policy Condition No. 4(c) of Chapter 72, Policy Condition No. 3(c) of Chapter 73, and Policy Condition No. 3(c) of Chapter 86 of Schedule 1 – Import Policy – ITC(HS) 2022.Existing Policy Condition:Importers using the Steel Importing Monitoring System (SIMS) were required to furnish advance information for the import of items and obtain an automatic Registration Number. This was achieved by paying a registration fee of ₹1 per thousand, with a minimum of ₹500 and a maximum of ₹1 lakh based on the CIF value. Importers were allowed to apply for registration no earlier than the 60th day before the expected arrival of the import consignment, and the granted Registration Number remained valid for 75 days.Revised Policy Condition:Under the updated policy, importers utilizing the Steel Importing Monitoring System (SIMS) are now expected to provide advance information for imports through the online system and secure an automatic Registration Number. However, the registration fee has been revised to a flat rate of ₹500. Importers can initiate registration no earlier than 60 days before the anticipated arrival of the import consignment, and the automatically granted Registration Number will retain its validity for 75 days.Conclusion: The swift revision of the registration fee under the Steel Importing Monitoring System (SIMS) by the DGFT reflects a proactive approach to policy adjustments in the realm of steel imports. This alteration, effective immediately, aims to simplify the registration process while continuing to facilitate effective monitoring of steel imports. As importers adapt to the new flat fee structure, it is expected to contribute to streamlining the import process and enhancing the overall efficiency of steel imports.
