|
|
| Eligibility |
|
|
| Companies
incorporated in India having foreign equity or NRI equity participation |
| |
| Limit |
|
|
| Upto
three vehicles. |
| |
| Conditions |
|
|
| 1. |
The
equity participation should not be less than US $ 200,000 and backed-up by
RBI's approval. |
| 2. |
Used
cars can be Imported only if they are registered in the name of foreign
equity holding company / NRI equity holder abroad and is in their possession
prior to Import. |
| 3. |
Payment
for the vehicle and customs duty should be made in foreign exchange by the
foreign company / NRI. |
| 4. |
Vehicle
should not be sold for a period of five years from the date of clearance of
the vehicle. |
| 5. |
If
the Importer wants to sell the vehicle within a period of five years, then
the vehicle should be re-exported or sold to the State Trading Corporation
of India or to any other eligible Importer. |
| 6. |
Car
should be registered in the name of the Importer on import of the vehicle
into the country. |
| 7. |
Importer
should execute a bond undertaking to fulfill the conditions applicable to
import for an amount equal to Customs assessed c.i.f. value of the vehicle.
The bond shall be valid for a period of five years and it may not be
supported by a bank guarantee. |
|
|
|
| |
| Special
cases |
|
|
|
| 1. |
Importer
can dispose of the vehicle without any restrictions after a period of five
years. |
| 2. |
Another
car can be imported by the Importer under this scheme only after a period
of five years from the date of importation of the previous vehicle. |
|
|
| |
|
