| Conditions |
|
|
| 1. |
Vehicle
should have been purchased with the permission of the
Reserve Bank of India at the time of execution of the
contract. |
| 2. |
Vehicle
should have been used by the firm / company abroad for
atleast one year. |
| 3. |
Import
can be made after substantial completion of the project /
winding up of the foreign office. |
| 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 |
| |
| Importer
can dispose of the vehicle without any restrictions after a
period of five years. |
|
|
