Non-Ferrous Metal Import Monitoring System
- The Non-Ferrous Metal Import Monitoring System (NFMIMS), introduced by the Directorate General of Foreign Trade (DGFT), aims to monitor and regulate the import of non-ferrous metals like copper and aluminum.
- The Non-Ferrous Tracking System became evident as the first project to ensure the traceability and control of the import of these metals.
- NFMIMS has been actualized by the Ministry of mines to track imports aluminum and copper and mandate all importers of these metals.
- A unique registration number (URN) starting with NFS is given to the importer after the registration with NFMIMS.
- Non-based for aluminium and steel code 43 aluminium products under HS code 76 and 46 copper products under HS code 74.
- The point of the framework is to give satisfactory information on the import of the aluminium and the copper framework to give information to the stakeholders and have a significant role in a Atma Nirbhar Bharat and vision 2030 for aluminium industry.
Non-Ferrous Metal Import Monitoring System - Features
The PIMS scheme is designed with numerous key desires in thoughts:
- A license application can cover many products.
- NFMIMS provides multiple entries for every record, to find out the buyer, importer, manufacturer, country of origin and port of export are same.
- NFMIMS has the ability to view online registrations.
- Further, the applications which have not yet been submitted for registration in the DGFT portal are available at NFMIMS for verification and further processing.
- NFMIMS is available 24×7.
- For the benefit of the traders/consumers, it is suggested that the registrations should be submitted or withdrawn earlier so as not to disturb the business of the company.
- And it has a simplified data submission for the importers to provide the details of expected date of arrival, type quantity of metals.
Benefits of Non-Ferrous Metal Import Monitoring System
- Increased Transparency:increased transparency and visibility in the import process.
- Improved Data Accuracy: Real time data collection gives more reliable information for decision making.
- Timely Policy Interventions: the government can quickly deal with market problems or imbalances.
- Import Process: Streamline compliance and reduce administrative burden for importers.
- Effective data-driven policy making: the government can make policies based on accurate and up-to-date information and promote a better non-ferrous metals market in India.