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Source: The post is based on the article “Paper Import Monitoring System(PIMS) to come into effect from 1st October, 2022” published in PIB on 12th July 2022.
What is the News?
The Directorate General of Foreign Trade(DGFT) has introduced the Paper Import Monitoring System(PIMS) by amending the import policy of major paper products from ‘Free’ to ‘Free subject to compulsory registration under PIMS’.
What is the Paper Import Monitoring System(PIMS)?
Introduced by: Directorate General of Foreign Trade(DGFT)
Purpose: This system has been made mandatory for the import of 201 types of paper and paper boards such as glazed newsprint, handmade paper and tissue paper.
– However, paper products like currency paper, bank bonds, Cheque paper, and security printing paper have been excluded from mandatory registration.
Features: Under this system, an importer will be required to obtain an automatic registration number through the online system by paying a registration fee of Rs. 500/- only, not earlier than the 75th day and not later than the 5th day before the expected date of arrival of import consignment.
– The automatic registration Number shall remain valid for a period of 75 days and multiple consignments Bill of Entry(BoEs) shall be allowed in the same registration number within the validity period of registration, for the permitted quantity.
What is the significance of this system?
The introduction of PIMS is intended to curb imports under the “Others” category Tariff Lines, dumping of paper products in the domestic market by way of under-invoicing, entry of prohibited goods by misdeclaration and re-routing goods through other countries in lieu of trade agreements.
This may also promote the ‘Make in India’ and ‘Atma Nirbhar’ initiatives under this category.
