NFMIMS Certificate | Eligibility | Document | Procedure
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Introduction
As per the DGFT, the government of India has amended the import policy of copper and aluminium under the non-ferrous metal import monitoring system.
The non-ferrous import monitoring system emerged as a groundbreaking initiative, ensuring visibility and control over the importation of these crucial metals.
Nfmims are implemented by the Ministry of Mines to track the import of aluminium and copper and are mandatory for all importers of these metals.
A unique registration number (urn) starting with NFS will be provided to the importer after registration under NFMIMS
Non-ferrous metal import monitoring system for the import of aluminium and copper to cover 43 aluminium products under HS code 76 and 46 copper products under HS code 74 the purpose of the system is to have adequate information about the import of aluminium and copper system also provide information to stakeholders & has a significant catalyst in atma nirbhar bharat and vision 2030 for the aluminium industry.
Benefits of NFMIMS Registration
Enhanced transparency
Promotes openness and visibility in the import process.
Improved data accuracy
Real-time data collection ensures more reliable information for decision-making.
Timely policy interventions
The government can swiftly address any potential disruption or imbalance in the market.
Streamlined import process
Simplifies compliance and reduces administrative burdens for importers.
Effective data-driven policy-making
Enables the government to formulate policies based on accurate and up-to-date information, fostering a more stable and efficient non-ferrous metal market in India.
Document required for NFMIMS registration
- 📝 Import-export code [iec] – this 10-digit code issued by the directorate general of foreign trade DGFT is mandatory for all import-export activities in India.
- 📝 Digital signature certificate [dsc] –
- 📝 Registration cum membership certificate (RCMC) – issued by the appropriate trade association or export promotion council, is necessary for certain importers.
- 📝 Business proof – copy of the company’s PAN card, GST registration certificate
- 📝 IEC holder’s Aadhar card – the Aadhar card of the person holding the IEC is required for verification purposes.
Conclusion
The non-ferrous metal import monitoring system [nfmims] stands as a significant step towards enhanced transparency and data-driven policy making in India’s non-ferrous metal sector by requiring importers to register and provide advance information the government can gather –
1. Real-time monitoring insights into import trends and market dynamics.
2. Ensuring quality standards
3. AidingPreventing fraudulent activities.
NFMIMS set new standards for fair and efficient trade practices. Navigating the complexities of global commerce, NFMIMS paves the way for a future where the copper and aluminium trade is not only lucrative but also sustainable and responsible. As businesses embrace NFMIMS registration, they actively contribute to a world where the integrity of trade is paramount, benefitting industries, economies, and societies at large.
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