Government modifies policy for import of cars, bikes for race events

On Wednesday Government has improved the trade policy to make the imports of car and bikes better for racing events. Directorate General of Foreign Trade (DGFT) said that imported cars and bikes will not be allowed to run on the public roads and they can be used in the respective premises only. Those vehicles should only be used for the purpose for which they are imported and should not be indulge in any commercial activities.

Under this provision vehicles not required to register CMV Act/Rules, even vehicles would not be sold to any individual/organisation/institution, etc. anywhere in India. There should be a bond between Importer and customs with complete security and surety the vehicle will re-export within 30 days after the completion of the event.

It said that Type Approval Certificate of an international accredited agency from the country of origin will not be required for "import of customized cars/motorcycles and parts required for the race events". DGFT has also introduced a procedure for processing of claims in regards to realisation of export proceeds via insurance agency.