Minimum Import Price requirement restricts iron and steel imports below the prescribed unit value and mandates LC registration. Imports of iron and steel on or after 5 February 2016 must have a unit CIF/landed value equal to or above the specified Minimum Import Price; consignments below that value are restricted and cannot be cleared by paying duty on the MIP. Shipment date governs applicability, exemptions apply only to letters of credit entered before the Notification subject to Para 1.05(b) of the Foreign Trade Policy, and irrevocable letters of credit must be registered with the jurisdictional Regional Authority within 15 days.