Licence-free imports allowed of vintage cars which are 50 years old
Anyone wanting to own a vintage car for personal use will benefit from this new policy. While there will be no licence fee, there will be other charges such as customs duty, GST and registration fee which could amount up to 250 per cent of the car’s invoice (traded) value.
Vintage cars in India always meant cars made before 1950 but as per the recent notification by the Directorate General of Foreign Trade (DGFT), it would now mean cars made before 1975, meaning an addition of 25 years in the eligibility age for licence-free imports.
The DGFT notification allows import of classic and vintage cars that are at least 50 years old. Until now, Indians could only import cars classified as “classic” or “vintage” manufactured before 1950. Under the new policy, cars 50 years or older can be imported licence-free.
The rolling eligibility will continue year after year and will make it easier for vintage car lovers to bring one home. The vehicle’s actual age will be determined by the original date of registration from the first sale.
Anyone wanting to own a vintage car for personal use will benefit from this new policy. While there will be no licence fee, there will be other charges such as customs duty, GST and registration fee which could amount up to 250 per cent of the car’s invoice (traded) value.
The vintage cars will be subject to the rules mentioned in Motor Vehicles Act 1988 in addition to the conditions mentioned under chapter 3 A of the Central Motor Vehicles Rules, 1989.
The DGFT notification states that these vehicles will not be eligible for resale to ensure that import of vintage cars remains within the collector community.
According to a report in The Financial Express, most of the vintage cars are restricted to podiums of exhibitions or a once-in-a-year car rallies. The new policy will boost the Indian aftermarket and car restoration industry.
It will, in turn, create more employment opportunities in the automobile industry. One can now look forward to beholding more vintage beauties from manufacturers like Mercedes-Benz, Jaguar, Cadillac, and Ford on Indian roads soon.