Introduction: In a significant development on 28th August 2023, the Ministry of Commerce and Industry, specifically the Directorate General of Foreign Trade, released Notification No. 28/2023-DGFT regarding a change in the registration fees under the Steel Import Monitoring System (SIMS).
Background: The Steel Import Monitoring System (SIMS) is a mechanism which requires importers to submit advance information in an online system for the import of specific items. Once submitted, an automatic Registration Number is granted, post the payment of a stipulated fee. This number remains valid for a specific period and serves as an essential regulation in steel import.
Key Changes to the Registration Fees: Before this amendment, the registration fee structure for SIMS was based on a Rs. 1 per thousand rate. The fees were subject to a minimum of Rs. 500 and a maximum of Rs. 1 lakh on CIF value. Post the recent amendment, this system has been simplified, and now, importers are required to pay a flat registration fee of Rs. 500 for the said process.
Timeline and Validity: The timeline for applying for registration remains the same. Importers can apply for the registration no earlier than the 60th day before the expected date of arrival of the import consignment. Additionally, the automatic Registration Number’s validity continues to be 75 days from the time of issue.
Immediate Effect: The revised registration fee has been implemented with immediate effect post the release of the notification.
Conclusion: The simplification of the registration fee under SIMS signals a move towards more streamlined operations for steel importers. This change is expected to provide clarity and ease of operation for import businesses, enhancing the overall efficiency of the system.
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
New Delhi
Notification No. 28/2023-DGFT | Dated: 28th August, 2023
Subject: Amendment in Registration Fees under Steel Import Monitoring System (SIMS) reg.
S.O. 3818 (E).—In exercise of powers conferred by Section 3 and Section 9 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2023 (as amended from time to time), the Central Government hereby amends the 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, with immediate effect:
| Existing Policy Condition | Revised Policy Condition |
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The Steel Importing Monitoring System (SIMS) shall require importers to submit advance information in an online system for import of items and obtain an automatic Registration Number by paying registration fee of Rs. 1 per thousand subject to minimum of Rs. 500/ and maximum of Rs. 1 lakh on CIF value. The importer can apply for registration not earlier than 60th 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 Steel Importing Monitoring System (SIMS) shall require importers to submit advance information in an online system for import of items and obtain an automatic Registration Number by paying registration fee of Rs.500/-. The importer can apply for registration not earlier than 60th 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. |
2. Effect of the Notification: The registration Fee under Steel Importing Monitoring System (SIMS) has been revised with immediate effect.
This issues with the approval of Minister of Commerce & Industry.
[F. No. 01/89/180/Moni-5852/AM-03/PC-2[A]/Part-1/E-18229)
SANTOSH KUMAR SARANGI, Director General of Foreign Trade & Ex- officio Addl. Secy.
VERY NICE