The motor sport fraternity has welcomed the Central Government’s decision to modify its trade policy to facilitate import of cars and motorcycles and their parts for racing events.
According to the modification, “These vehicles will be used only for the purpose for which these are imported. Vehicles imported under this provision will not be registered Central Motor Vehicle (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.”
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The Government policy requires the importer of such vehicles 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.”
The Federation of Motor Sports Clubs of India (FMSCI) president, Vicky Chandhok, said it would promote motor sports events in the country.