COMPANIES INCORPORATED IN INDIA HAVING FOREIGN EQUITY PARTICIPATION AMOUNTING TO NOT LESS THAN US $ 2 Lakhs.

(a) The Indian company may import upto three vehicles.

(b) The payment for the vehicle as well as the payment of the Customs duty in foreign exchange are made by the foreign company holding equity in the Indian company.

(c) In case the Indian company wants to dispose of the vehicle, it will be subject to the condition of re-export of the vehicle or sale to the State Trading Corporation of India or to an eligible imports covered by any one of the categories C, D, E and F mentioned in this Public Notice.

(d) Subsequent import of a vehicle may be made after the disposal of the previous vehicle in accordance with the condition mentioned in (c) above, provided there is a minimum period of five years between two successive imports of a vehicle.

Last update on: 6 July 1998.