Steel / Coal / Copper / Aluminum / Chip Import Monitoring System from DGFT-123
Steel / Coal / Copper / Aluminum / Chip Import Monitoring System from DGFT-123
Introduction
There is a huge variety of goods and services that are imported daily. All these goods need to seek approval from the Directorate General of Foreign Trade (DGFT). DGFT is the main licensing head managing all the activities related to the trade of import and export. The goods of an importer will only be shipped if the DGFT has given its yes to them. It all comes down to the decision of DGFT if the goods get passed, they are further transported, and if not they are not further processed. The final call is taken by DGFT, so make sure to be true to yourself and the licensing authority.
What is Import Monitoring System?
It is a system with the help of which DGFT can keep an eye on all the activities of import. The Import Monitoring System also displays the restrictions and conditions that are put on the import of goods and services. DGFT has gained this power under the Foreign Trade Development Regulation (FTDR) Act. This act was introduced by the government of India in the year 1992.
The exporter must have a license along with the necessary documents with a rubber stamp which acts as proof that all the documents have been approved by the licensing authority. One can refer to the modules in the system to acquire more knowledge regarding the quotas, restrictions, and licenses needed for the import of goods and services. These modules will also consist of information about the Import License for the Restricted Items, Registration Certificates, Steel Import Monitoring System (SIMS), Import License for Tariff Rate Quota (TRQ), and Coal Import Monitoring System (CIMS).
What is the Import Monitoring System for Steel?
There is a special kind of policy that is designed by the licensing authority for the import of items like steel and iron. All the important points regarding the import of steel are mentioned in Chapters 72, 73, and 86 of the ITC (HS), 2017.
Over some time, a few changes have been made to this policy. The policy has been amended, from previously ‘free’ to now ‘free subject to compulsory registration. An individual can submit his/her registration as per the steps stated in the policy.
What is the Import Monitoring System for Coal?
For the monitoring of Coal, there is a different section created on the official site of DGFT. An importer can give a thorough read to the terms and conditions that are displayed on the site and then proceed further. The deep insights about the IMS of Coal are declared in Chapter 27 of the ITC (HS). Coal Import Monitoring System is pretty similar to the IMS for Steel, here also the transition from ‘free’ to ‘free subject to compulsory registration’ has taken place.
The importer can apply for the online registration of import of Steam Coal, not before the 60th day and not after the 15th day, and make sure that is before the proposed date of the shipment of goods. The importer must insert the registration number as well as the expiry date of the registration number in the bill of entry to get a clean chit from the customs department. One of the greatest benefits of the CIMS is that is present 24/7.
What is the Import Monitoring System for Copper/Aluminum?
In the Copper/Aluminum Import Monitoring System, an importer must provide information about the items ready for import to the licensing authority and then a Unique Registration Number (URN) will be generated to carry on the process further. For more information, an importer can refer to Chapters 74 and 76 of the ITC (HS). Under the Non-Ferrous Metals Import Monitoring System (NFMIMS), the importer is expected to pay a registration fee of Rs 500.
What is the Import Monitoring System for Chip?
CIMS will need the list of items set for import beforehand.
Import Policy condition of ITC (HS) 85423100, 85423900, 85423200, 85429000, 85423300 was revised from ‘free’ to ‘free subject to compulsory registration’ under Chip Import Monitoring System (CHIMS). CHIMS shall require importers to submit advance information in an online system for import of above items. On submission of online data/information, the system will generate an automatic unique Registration Number. No manual documents are to be submitted to any public authority for this purpose.
The registration number provided is considered to be valid for 75 days. The importer can put the registration number and date of the registration number in the bill of entry to obtain clearance for the assignment.
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