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Things to Know Before Importing Used Car to India
Posted: Oct 18, 2010 |Comments: 0 | Share Syndicate this Article Copy to clipboardYou must know the rules and regulations formulated by the Government of India for importing used cars to India. Many youngsters and business honchos are today crazy for the imported cars. And with stars like Sachin and Vijay Mallaya importing their Ferrari and Lamborghini the fad for these cars is getting bigger.
Import duty on car having a completely built unit or CBU is 111%.
Duty on "completely knocked down" or CKD models that can be assembled in India it is 38 to 48%. The percentage depends upon the engine displacement. These figures are based on exim policies of 2001-2002.
There is no restriction or conditions imposed on used car as done for commercial purposes if the importer is bringing it because of the Transfer of Residence. But the vehicle must have right handed steering as well as other necessary controls. The speedometer should specify the speed in km/h.
The cost of used car is estimated by considering the value of the vehicle in its manufacturing year along with depreciation rates.
To calculate the value of car, first of all manufacture's invoice is accepted.
If no such invoice is there, then to calculate the value, world car catalogues is used. This can also be done on the basis of price list of the manufacture, if mentioned.
In case of used car the deductions for depreciation are also considered and these can reach to 70% at the max.
The depreciation rates are:
- For every quarter during 1st year - 4%
- For every quarter during 2nd year - 3%
- For every quarter during 3rd year - 2.5%
- For every quarter during 4th year - 2%
- Thereafter subject to a maximum depreciation of 70%
It is better to hire a custom broker to make this job hassle free. If you will not hire a custom broker then you will be lost in related paper work.
about import of used cars.
Import Policy
Passenger cars/jeeps/multi utility vehicles, etc., which are in the restricted category may be imported without a licence on payment of full Customs duty by the following categories of importers:
(a) Individuals coming to India for permanent settlement after two year's continuous stay abroad;
(b) Resident Indians presented with a car as an award in any international event/match/ competition;
(c) Legal heirs/successors of deceased relatives residing abroad;
(d) Physically handicapped persons;
(e) Companies incorporated in India having foreign equity participation;
(f) Branches/offices of foreign firms;
(g) Charitable/missionary institutions registered with the Ministry of Welfare and the Ministry of Home Affairs, Government of India;
(h) Honorary Consuls of Foreign Countries on the recommendations of the Ministry of External Affairs, Government of India;
(i) Journalists/Correspondents of foreign news agencies having accredition certificate with the Press Information Bureau, Ministry of Information and Broadcasting, Govt. of India.
All the above categories shall be entitled to import only one vehicle except categories (e) and (f), which shall be entitled to import maximum of three vehicles. Persons in category (d) shall be entitled to import only specially designed vehicles suitable for use by handicapped. All such import shall carry a "NO SALE" condition 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. All such imports, except by the physically handicapped persons, shall not involve any foreign exchange remittance from India directly or indirectly. The DGFT may, however, permit relaxation of these conditions or imports by any other category not listed in this Public Notice in special circumstances.
(ArticlesBase SC #3496898)
Rk Oberoi - About the Author:I am an content manager and developer with expert knowledge on SEO, SEM and other online content promotion activities. If you are looking for information on moving, packing and tips then check out these on Movers and Packers.
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