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New mechanism to monitor imports of aluminium, copper


Date: 06-04-2021
Subject: New mechanism to monitor imports of aluminium, copper
In line with the import monitoring system for steel and coal, the government has decided to put in place a mechanism to monitor imports of aluminium and copper to capture disaggregated data for effective monitoring and policy intervention.

In line with the import monitoring system for steel and coal, the government has decided to put in place a mechanism to monitor imports of aluminium and copper to capture disaggregated data for effective monitoring and policy intervention.

The directorate general of foreign trade (DGFT) has said in a notification that the import policy for copper and aluminium has been amended from “free” to “free with compulsory registration” under the non-ferrous metal import monitoring system (NFMIMS).

The NFMIMS will be effective from April 12. The facility for online registration is available from Monday.

Rahul Sharma, president of the Aluminium Association of India, said, “We welcome the move. It will be helpful for the industry. Similar models are there in the US and Canada as well. NFMIMS will help effective monitoring of imports and policy intervention. This will support the government’s ‘Make in India’ initiative.”

Sharma, who is also deputy CEO, aluminium business, at Vedanta, said NFMIMS would cover 99.5% imports of aluminium, currently valued at `35,000 crore.

The government’s decision to launch a mechanism similar to the one for the steel sector will help domestic producers of non-ferrous metal such as Vedanta, Nalco, Hindalco and Hindustan Copper chalk out strategies to substitute imports.

“NFMIMS shall require importers to submit advance information in an online system for imports of copper and aluminium and obtain an automatic registration number by paying a registration fee of Rs 500,” the DGFT said in a notification.

Under NFMIMS, the importer can apply for registration not earlier than the 60th day and not later than the fifth day before the expected date of arrival of the import consignment. The automatic number shall remain valid for 75 days.

The importer shall have to enter the registration number and expiry date for registration in the Bill of Entry to enable customs for clearance of the consignment, the notification said.

Source:financialexpress.com

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