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Steel News November 15, 2019 02:30:57 PM

DGFT Announces One-Time Extension of Deadline for Steel Import Registration

Paul Ploumis
ScrapMonster Author
As per the system, importers are required to submit advance information for import of items through an online system.
DGFT Announces One-Time Extension of Deadline for Steel Import Registration

SEATTLE (Scrap Monster): The Directorate General of Foreign Trade (DGFT) in India announced one-time extension to the last date for steel importers to obtain the Steel Import Monitoring System (SIMS) registration. The original deadline of November 01, 2019 has now been extended to November 20, 2019, said the DGFT notification.

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As per the system, importers are required to submit advance information for import of items through an online system. The importers need to make online payment of registration fees at the rate of Re 1 per thousand on the CIF value of imports, subject to a minimum fee of Rs 500 and a maximum of Rs. 1 lakh. Upon submission of online information, the system generates an automatic and unique Registration Number, which will remain valid for a period of 75 days. The process eliminates the need to submit any document manually.

The new system was launched by the Indian Commerce Ministry in consultation with the Ministry of Steel in providing advance information with regards to steel imports into the country.

Further to the new notification, all bills of entry on or after 21st November, 2019 will be controlled by the new system.