New Delhi: The government has modified the trade policy to facilitate imports of cars and motorcycles for racing events.
Cars and motorcycles imported for racing events will not be permitted to ply on public roads, the Directorate General of Foreign Trade (DGFT) said in a notification on Wednesday.
It said such vehicles should only be used for the purpose for which they are imported.
The move assumes significance in view of the problem being faced by the participants in events like Formula One.
"Vehicles imported under this provision will not be registered CMV Act/Rules, nor be alienated/sold to any individual/organisation/institution, etc anywhere in India," the notification said.
"These vehicles shall not ply on public roads and can only be used within the enclosed premises with requisite safety precautions and will not be engaged in any sort of commercial activities," the
DGFT said.
It also said the importer shall be required to execute a bond with Customs with adequate security/surety to re-export the vehicle(s) within 30 days of the completion of the event.
However, it added that for the "import of customized cars/motorcycles and parts required for the race events", a Type Approval Certificate of an international accredited agency from the country of origin will not be required.
The DGFT has also introduced a procedure for processing of claims in respect of realisation of export proceeds through insurance agency.
Source : profit.ndtv.com