Consignees (Non Resident Indians/foreign nationals on employment) coming to India on Transfer of Residence for permanent settlement can import one vehicle. The vehicle should be imported into India within six months of the arrival of the consignee. In lieu of one motor car, one motor cycle can also be imported.
As per the new policy, only USED (car should be registered overseas in the name of the importer for a minimum period of one year) Right Hand Drive (RHD) cars can be imported under Transfer of Residence Concessions. In case a NEW / Left Hand Drive (LHD) car is imported, the same is liable to be confiscated or in rare cases, re-export may be allowed on payment of heavy penalties and fines.
The vehicle must be in use/possession of the shipper for a period of not less than one year from the date of importation.
The above import also carries a condition of “NO SALE” of two years which shall be endorsed by the Customs Authorities on the passport/registration documents at the time of import and by The Regional Transport Authorities when such vehicles are presented for registration in India.
The new policy also allows customs duty to be paid in Indian Rupees instead of convertible foreign exchange. However, the payment for the vehicle is to be made abroad and such payment should not involve, directly or indirectly, any remittance of foreign exchange from India.
| 1. NEW CARS | approx 113.000% |
| 2. USED CARS | approx 165.000% |
Customs duty on used cars is charged on the depreciated value and the same is provided as per the table on following page:
| @ 4.0% per Quarter in the 1st year Total | 16% p.a. |
| @ 3.0% per Quarter in the 2nd year Total | 12% p.a. |
| @ 2.5% per Quarter in the 3rd year Total | 10% p.a. |
| @ 2.0% per Quarter in the 4th year Total | 08% p.a. |
| @ 2.0% per Quarter in the 4th year Total | 08% p.a. |
| @ 2.0% per Quarter in the 4th year Total | 08% p.a. |
| @ 2.0% per Quarter in the 4th year Total | 08% p.a. |
| @ 2.0% per Quarter in the 4th year Total | 08% p.a. |
| MAX | 70% p.a._ |
For further information and details, please contact us prior to shipping of the vehicle.
