Here’s positive news for all the collectors as well as buffs of classic cars.
A recent declaration made by the Directorate General of Foreign Trade stated that the ban on the import of the vehicles produced prior to January 1, 1950 has been lifted.
The announcement dated April 18, this year stated, “Vehicles made before January 1, 1950 are free for import by actual users. But, such vehicles running on community roads will carry on being dependent on Central Motor Vehicles Act, 1988 and Regulations, 1989.”
The revision has been implemented with instant effect.
There is no clear expression yet about how the duty imposed on imports will be computed, even though a flat tariff arrangement could be viewed to keep away from under- charging of the car’s worth. The import prohibition had seriously confined the figure of traditional as well as typical vehicles in the nation, forwarding rates towards the sky over the past ten year period.
We could anticipate the rates of these cars to hit more sensible stages once accumulator begins importing them in substantial amounts.
Mr. Nitin Dossa, the president of the ‘Vintage and Classic Club of India’ accepted this move in a positive way and really praised the plan.
However, Mr. Nitin Dossa has worries about how the vehicles will be assessed for the sum of tariff they will possess.
In addition, it is not clear if left-hand-drive vehicles will be considered for import. If they get barred beneath the fresh regulation, buffs will be saddened as it will become impossible to import superior US vintage vehicles comprising Cadillacs as well as Studebakers.
On the whole, vintage vehicle accumulators and buffs are delighted as this has pioneered options, which weren’t achievable before. An arrival of traditional vehicles in the nation may also result in values of vintage and typical vehicles already accessible here reaching sensible levels.
