STEEL IMPORT MONITORING SYSTEM, Industry - Coggle Diagram
STEEL IMPORT MONITORING SYSTEM
Recently, Ministry of Commerce and Industry has launched the Steel Import Monitoring System (SIMS).
Steel Sector in India
Importer Exporter Code
• It is a 10-digit code number given to an exporter or importer by the regional office of the Director General of Foreign Trade (DGFT), Department of Commerce.
• As of 2018, India is the second largest producer of steel after China.
• India is slated to surpass USA to become the world’s second largest steel consumer in 2019.
• India allows 100 per cent Foreign Direct Investment (FDI) in the steel sector under the automatic route.
• It will provide advance information about steel import to government and other stakeholders, including producers and consumers, to have effective policy interventions.
• The system has been developed in consultation with Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system.
• The importers of specified steel products will register in advance on the web portal of SIMS providing necessary information.
• The registration will be online and automatic and no human intervention is required.
• The importer can apply for registration not earlier than 60th day and not later than 15th day before the expected date of arrival of import consignment.
• The automatic Registration Number granted shall remain valid for a period of 75 days.
• The information about the steel imports provided by the importers on the SIMS will be monitored by the Ministry of Steel.
• Any business importing steel products covered under the licensing program is required to create a license for concerned imports. Importers, importing agents, or brokers, may apply for this license.
• License is required for each customs entry and multiple products can included in one license.
• Foreign filers may apply for a license as long as they have a valid Indian IEC (Importer Exporter Code) number.