| |
| Passenger
cars and automobile vehicles may be imported into India by certain
categories of eligible importers. The import can be made without a
license subject to the following conditions: |
| |
| 1. |
Payment
for the vehicle is made outside India and such payment should not
result in remittance of foreign exchange from India. |
| 2. |
Payment
of the customs duty is made in foreign exchange. |
| 3. |
Specific
conditions applicable for each category of eligible importers are
complied with. |
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|
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| Duty
Payable |
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| Import
Duty is payable on motor cars, motor cycles and scooters
(whether new or old) imported into India on the basis of
their list price prevailing in the country of their
manufacture on the date on which the Bill of Entry is
presented. |
| |
| Trade
discount and depreciation in case of old vehicles are
deducted from the price list. Depreciation for
second hand or used cars is allowed at the prescribed
scale. The period for which depreciation is allowable is
calculated from the date of registration of the vehicle to
the date of actual shipment of the vehicle or the date of
departure of the owner from the foreign country, which
ever is earlier. |
| |
| Freight
from the country of manufacture and insurance charges are
added. Freight is calculated from the country of
manufacture to the first port of landing in India. The
landing charges are also added to arrive at the final
assessable value |
| The
rate of exchange would be as on the date on which the Bill
of Entry for clearance is presented to the Customs. |
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