Enthusiasts Will Be Able To Import Cars Older Than 50 Years (Pre 1975)
Indian Enthusiasts were craving for a bite of the foreign-made cars into the country’s borders. However, the stringent import norms prevented that from happening a reality. Previously, only the cars built before 1950 were considered legible for import. The new norms allow for cars older than 50 years to be license-free.
The Rules
It should be noted that this norm also allows the 50-year limit to be on a rolling limit. This means that from next year cars from 1976 will be eligible, and so the cycle will continue. The import norms state that the exact date to term the age will be the date of registration post the initial sale. This will mean highly sought-after cars such as Lamborghini Miura and Countach, Ferrari 308, Jaguar XJ-S, Porsche 930 Turbo etc. to be spotted on the Indian Roads.
The High Costs
The privilege of importing a car older than 50 Years will come at a high cost. The import is only license-free meaning the importers need to possess an import license, aiding private import. However, the people who are interested in importing the specific cars will need to pay stated import duty and fees. The custom duty, GST and registration costs total around 250% of the car’s traded value.
No Resale Allowed
According to the Directorate General Of Foreign Trade, it is strictly prohibited to resale vintage cars in the Indian Domestic Market as it is allowed to only be used for personal use. There are talks regarding a 5-year no-sale rule which may be implemented in the future.
It is also important for imported vintage cars to comply with the Indian Motor Vehicles Act, 1988 and Central Motor Vehicles Rules, 1989 for use on public roads. The ease in import norms is also an effort to generate employment and increase demand for car restoration.
Outlook
It is finally a welcomed change which was demanded by many car enthusiasts. The more important aspect here is that the duties and fees still limit the cars to the affluent rather than the common person. Whilst, it is important to encourage the “Make In India”, the initiative should be mobilised by lifting the restrictions on 2-wheeler and 4-wheeler modifications can also be lifted to increase automotive diversity.
