India Amends Export-Import Policy: New Vehicles Over $40K Can Be Imported Under EPCG with Fewer Conditions

The Government of India has amended the Export and Import Policy for 2002-2007, specifically modifying Para 6(iii) of a previous notification. The amendment allows the import of new vehicles with a Free on Board (FOB) value of $40,000 or more by individuals and companies under the EPCG Scheme without meeting certain prior conditions. However, importers must provide a Type Approval Certificate or Certificate of Production from an internationally accredited agency from the vehicle's country of origin, including a notarized English translation. This amendment is issued in the public interest by the Director General of Foreign Trade.

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