Ferrari import tax

Posted by : Prince Monday, May 21, 2012

In commemorating Tendulkar's feat of equalling Don Bradman's 29 centuries in Test Cricket, automotive giant Ferrari invited Tendulkar to its paddock in Silverstone on the eve of the British Grand Prix on 23 July 2002, to receive a Ferrari 360 Modena from the F1 world champion Michael Schumacher.[126] On 4 September 2002 India's then finance minister Jaswant Singh wrote to Tendulkar telling him that the government will waive customs duty imposed on the car as a measure to applaud his feat.[127] However the rules at the time stated that the customs duty can be waived only when receiving an automobile as a prize and not as a gift. It is claimed that the proposals to change the law (Customs Act) was put forth in Financial Bill in February 2003 and amended was passed as a law in May 2003. Subsequently the Ferrari was allowed to be brought to India without payment of the customs duty (INR1.13 crore (US$225,435) or 120% on the car value of INR75 lakh (US$149,600)).[128] When the move to waive customs duty became public in July 2003, political and social activists protested the waiver[129] and filed a PIL in the Delhi High Court. With the controversy snowballing, Fiat India agreed to pay the import duty

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