Introduction: The Government of India, through the Ministry of Commerce & Industry and the Directorate General of Foreign Trade, has issued Notification No. 55/2023-DGFT on 3rd January 2024. This notification brings a significant amendment to the Import Policy and Policy conditions for screws falling under HS Code 7318 of Chapter 73 of Schedule –I (Import Policy) of ITC (HS) 2022.
Detailed Analysis: The amendment targets specific HS codes and their corresponding import policies for threaded articles, including Coach Screws, Machine Screws, Other Wood Screws, Screw Hooks and Screw Rings, Self-Tapping Screws, and Other Screws and Bolts. The existing import policies for these items were “Free,” subject to Policy conditions no. 2 and 3 of Chapter 73. However, the revised import policy now categorizes these items as “Prohibited.”
The revised policy, nevertheless, provides an exception. Import of these screws will be considered “Free” if the CIF (Cost, Insurance, and Freight) value is Rs. 129/- or above per kilogram. This exception is subject to the Policy conditions no. 2 and 3 of Chapter 73.
The effect of this notification is a notable shift in the import dynamics for screws, emphasizing stricter regulations on certain categories while allowing freedom for those meeting the specified value criterion.
Conclusion: In conclusion, the amendment in the Import Policy for screws under HS Code 7318 signifies a strategic move by the Government of India to regulate and control the import of specific threaded articles. This measure aims to balance trade interests and ensure compliance with the evolving foreign trade landscape. Importers and stakeholders are advised to closely adhere to the revised policies outlined in Notification No. 55/2023-DGFT to avoid any disruptions in their trade activities.
This notification, approved by the Minister of Commerce & Industry and issued by the Director General of Foreign Trade, marks a pivotal development in the country’s trade regulations. For further details or clarifications, stakeholders can reach out to the Directorate General of Foreign Trade via email at [email protected].
Note: This detailed article is based on the information provided in Notification No. 55/2023-DGFT dated 3rd January 2024, and stakeholders are encouraged to refer to the official document for precise and updated information.
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Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
New Delhi
Notification No. 55/2023-DGFT | Dated: 3rd January, 2024
Subject: Amendment in Import Policy and Policy condition of Screws covered under HS code 7318 of Chapter 73 of Schedule –I (Import Policy) of ITC (HS) 2022.
S.O.55(E): In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & 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 import policy and policy condition for specific HS codes covered under Chapter 73 of the ITC (HS), 2022, Schedule-I (Import Policy) as under:
| HS code | Item Description | Existing Import Policy | Existing Policy Condition | Revised Import Policy | Revised Policy Condition |
| 73181110 | -Threaded articles: — Coach Screws — Machine screws | Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181190 | -Threaded articles: — Coach Screws — Other | Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181200 | – Threaded articles : — Other wood screws |
Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181300 | – Threaded articles : — Screw hooks and screw rings |
Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181400 | – Threaded articles : — Self- tapping screws | Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181500 | – Threaded articles : — Other screws and bolts, whether or not with their nuts or washers |
Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
| 73181900 | – Threaded articles : — Other |
Free | Subject to Policy condition no. 2 and 3 of this Chapter |
Prohibited | However, import is “Free” if CIF value is Rs. 129/- or above per Kg and subject to Policy condition no. 2 and 3 of this Chapter |
Effect of the notification: The Import Policy of Screws under ITC (HS) Codes 73181110, 73181190, 73181200, 73181300, 73181400, 73181500 and 73181900 is revised from “Free” to “Prohibited”. However, import shall be “Free” if CIF value is Rs. 129/- or above per Kg.
This is issued with the approval of Minister of Commerce & Industry.
(Santosh Kumar Sarangi)
Director General of Foreign Trade &
Ex-officio Addl. Secretary to Govt. of India
Email: [email protected]
(Issued from File No. 01/89/180/13/AM-23/PC-2[A] /E-37595)
