Executive Summary:
This notification amends the import policy for screws under specific HS codes (73181110, 73181190, 73181200, 73181300, 73181400, 73181500, and 73181900) within Chapter 73 of the ITC HS 2022, Schedule I Import Policy. Effective January 3, 2024, the import policy is revised from "Free" to "Prohibited," with an exception. Imports are permitted without restriction if the Cost, Insurance, and Freight (CIF) value is Rs. 129 or above per Kg.
Key Points / Main Content:
* **Import Policy Amendment:** The import policy for screws under specified HS codes of Chapter 73 is changed.
* **HS Codes Affected:** 73181110, 73181190, 73181200, 73181300, 73181400, 73181500 and 73181900
* **Policy Change:** Import policy revised from "Free" to "Prohibited."
* **Exception:** Import is "Free" if the CIF value is Rs. 129 or above per Kg.
* **Legal Basis:** Amendment is made under Section 3 and Section 5 of the Foreign Trade Development Regulation Act, 1992, and the Foreign Trade Policy 2023.
Impact Analysis:
**Importers:**
* Impact: Importers of screws under the specified HS codes are affected by the change in import policy. They will face restrictions unless the CIF value of the consignment is Rs. 129 or above per Kg.
* Action Required: Assess the CIF value of screw imports to ensure compliance with the revised policy. Modify import strategies as necessary to align with the new regulations.
**Customs Authorities:**
* Impact: Customs authorities need to enforce the revised import policy for screws.
* Action Required: Implement the new import policy, including verifying the CIF value of screw imports to determine admissibility.
**Consumers/End Users:**
* Impact: May experience changes in price/availability of screws depending on how importers respond to the policy change.
* Action Required: Monitor market conditions and adjust purchasing if necessary.
Key Entities Referenced
Ministry of Commerce Industry: The Indian government ministry responsible for international trade and commerce.
Directorate General of Foreign Trade: The agency of the Ministry of Commerce responsible for implementing foreign trade policy.
Foreign Trade Development Regulation Act, 1992: The Indian law that empowers the government to regulate foreign trade.
Foreign Trade Policy 2023: A set of guidelines and measures related to the import and export of goods and services.
ITC HS 2022: Indian Trade Classification based on Harmonized System of Coding, which is an international system for classifying traded products.
Chapter 73: Chapter 73 of the ITC HS 2022 classification, which covers articles of iron or steel.
HS code 7318: The Harmonized System code for screws, bolts, nuts, coach screws, screw rings, rivets, cotters, cotter-pins, washers and similar articles, of iron or steel
Santosh Kumar Sarangi: Director General of Foreign Trade and Ex-officio Additional Secretary to the Government of India.
To be published in the Gazette of India Extraordinary Part-ll, Section-3, Sub-Section (ii)
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Notification No. 55/2023
New Delhi, Dated: 3 January, 2024
Subject: Amendment in Import Policy and Policy condition of Screws covered under HS
code 7318 of Chapter 73 of Schedule —| (Import Policy) of ITC (HS) 2022.
S.O. (E): In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade
(Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade
Policy 2023, as amended from time to time, the Central Government hereby amends the import
policy and policy condition for specific HS codes covered under Chapter 73 of the ITC (HS),
2022, Schedule-l (Import Policy) as under:
HS code Item Existing Existing (Revised Revised Policy|
Description Import Policy |Policy Import Policy |Condition
Condition
73181110 -Threaded Free Subject — to|Prohibited However, import
articles: -- Coach Policy is “Free” if CIF
Screws --- condition value is Rs
Machine screws ino. 2 and 3} 129/- or abovel
lof this} per Kg and
Chapter subject to Policy|
condition no. 2|
land 3 of this
Chapter
73181190 -Threaded Free Subject — to|Prohibited However, import
articles: -- Coach| Policy is “Free” if CIF
Screws --- Other condition value is Rsj
no. 2 and 3} 129/- or above
of this} per Kg and
Chapter subject to Policy
condition no. 2
and 3 of this
Chapter
73181200 - Threaded|Free Subject — to|Prohibited However, import}
articles : -- Other Policy is “Free” if CIF
lwood screws condition value is Rs,
ino. 2 and 3 129/- or above)
lof this per Kg and
Chapter subject to Policy|
condition no. 2|
land 3 of this
Chapter
73181300 o Threaded|Free Subject — to|Prohibited However, import!
articles =: = Policy is “Free” if CIF
Screw hooks condition Value is’ Rs.
land screw rings ino. 2 and 3 129/- or above
lof this| per Kg and
Chapter subject to Policy
condition no. 2
and 3 of this
Chapter73181400 - Threaded\Free Subject — to/Prohibited However, import!
articles : -- Self- Policy is “Free” if CIF
tapping screws condition Value is Rs,
Ino. 2 and 3 129/- or above;
of this| per Kg and
Chapter subject to Policy
condition no. 2
and 3 of this
Chapter
73181500 - Threaded|Free Subject —_ tojProhibited However, import
articles : -- Other Policy is “Free” if CIF
Iscrews and| condition Value is’ Rs.
bolts, whether or] Ino. 2 and 3 129/- or above
not with — their lof this} per Kg and
nuts or washers Chapter subject to Policy,
condition no. 2
land 3 of this
Chapter
173181900 - Threaded\Free Subject — to|Prohibited However, import
articles : -- Other Policy is “Free” if CIF
condition value is’ Rs,
no. 2 and 3) 129/- or above
lof this per Kg and
Chapter subject to Policy;
condition no. 2
land 3 of this
Chapter
Effect of the notification: The Import Policy of Screws under ITC (HS) Codes 73181110,
73181190, 73181200, 73181300, 73181400, 73181500 and 73181900 is revised from “Free” to
“Prohibited”. However, import shall be “Free” if CIF value is Rs. 129/- or above per Kg.
This is issued with the approval of Minister of Commerce & Industry.
lemqecten
(Santosh Kumar Sarangi)
Director General of Foreign Trade &
Ex-officio Addl. Secretary to Govt. of India
Email: dgft@nic.in
(Issued from File No. 01/89/180/13/AM-23/PC-2[A] /E-37595)