India has removed iron and steel from its list of imports that can be brought into the country by unregistered importers as part of its efforts to curb under- and over-invoicing and stem the dumping of iron and steel imports.
From 1 November 2019, importers will be required to apply in advance to register imports.
India’s Directorate General of Foreign Trade says 284 different types of iron and steel imports have now been declassified from the list of imports that are ‘free’ to import and reclassified as items ‘free subject to compulsory registration under Steel Import Monitoring System (SIMS)’.
SIMS requires importers to submit online and in advance, information about the items they are importing and declare their value.
Importers will then automatically obtain a registration number and there is a charge for registration depending on the value of the imports.
“This import-export data will bring transparency and will help solve the issue of over-invoicing and under-invoicing,” a ministry of commerce official told local media.
“It will also protect the domestic industry and help in taking anti-dumping actions,” he added.
Categories: Trade Based Financial crimes News