Explanation:

Both statements are correct.

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.

Hence option 3rd is correct.