in mind the increasing number of motor racing events (Formula One, JK Racing,
MRF Racing, VW Polo Racing) being held in India, the Indian government has
finally modified its trade policy that will facilitate imports of cars and
motorcycles for racing events. This move could possibly pave the way for many
more motor racing events to be held in India. Races like the World Superbike
Championship too could benefit from such a move. However, the cars and
motorcycles imported for racing events will not be permitted to ply on public
roads, the Directorate General of Foreign Trade (DGFT) said in a notification
on January 9, 2014.
FMSCI President Vicky Chandhok has welcomed the decision by the government to
modify the trade policy to facilitate imports of cars and motorcycles for
racing events. He commented, "On behalf of the FMSCI, I welcome this
decision by the government to modify the import policy for cars and bikes for
racing events. This move will hopefully pave the way for India to host many more
world class international motorsport events. While we are positive about this
move, we would also request for rallying vehicles to be included. Support from
the government will be critical in order for us to host international events
and this is a step in the right direction."
of the conditions laid down by the government is that “These vehicles will be
used only for the purpose for which these are imported. Vehicles imported under
this provision will not be registered CMV Act/ Rules; nor be alienated/ sold to
any individual/organization/institution etc. anywhere in India. These vehicles shall not ply on public roads and
can only be used within the enclosed premises with requisite safety precautions
and will not be engaged in any sort of commercial activities”.
At the time of customs clearance, a Type
Approval Certificate/ COP of an international accredited agency from the
country of origin will not be required. A notification signed by Anup K.
Pujari, Director General of Foreign Trade said that a certificate from Nodal
Agency (to be nominated by Government of India) indicating the details of the vehicle shall be required at
the time of customs clearance. Import
shall be permitted only through select customs ports in the country.
importer shall be required to execute a Bond with Customs with adequate
security/ surety to re-export the vehicle(s) within 30 days of the completion
of the event or within such extended period as the appropriate officer may
allow after being shown a reasonable cause.