Import policy for new vehicles, as laid down under Chapter 87 shall be amended - 74 (RE-2008)/2004-09 - Foreign Trade Policy

Import policy for new vehicles, as laid down under Chapter 87 shall be amended NOTIFICATION No. 74 (RE-2008)/2004-09 NEW DELHI : Dated 30 December, 2008 S.O. (E) In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby amends the Schedule-I (Imports) to the ITC(HS) Classifications of Export and Import Items, 2004-09 as under: 1. The existing import policy for new vehicles, as laid down under Chapter 87 shall be amended to be read as under: "(i) Import of new vehicles having an FOB value of US $ 40,000 or more and engine capacity of more than 3000cc for petrol run vehicle and more than 2500cc for diesel run vehicles, as allowed under Import Licensing Note No. 7 under Chapter 87, shall be exempted from policy provision of Import Licensing Note No. 2(II)(a)(iv) under Chapter 87 which stipulates that vehicle shall be imported from the country of manufacture. (ii) The Import Licensing Note No. 2(II)(d) shall be amended to be read as under: The import of new vehicles shall be permitted only through the Customs port at Nhava Sheva, Kolkata, Chennai, Cochin, ICD-Tughlakabad and Delhi Air Cargo, Mumbai Port." 2. This issues in public interest. Sd/- (R.S.Gujral) Director General of Foreign Trade and Ex-officio Additional Secretary to the Government of India (Issued from File No. 01/89/180/29/AM09/PC-2(A)