Imports: You have learnt the provisions related to export at length. As you know, import plays an important role in the economic development of the country. In order to manufacture the commodities of international standards, sophisticated technologies and capital goods are required. This can be procured by importing them. Hence, imports have been further liberalised. The major provisions regarding imports are as follows:
Free Importability: Capital goods, raw materials, intermediates, components, consumables spares, parts, accessories instruments and other goods may be imported without any restriction. It may be unsorted except to the extent such imports are regulated by the Negative List of Import or any other provision of this policy or any other law for the time being in force. The above goods may be imported by any person whether he IS an Actual user or not.
However, if such imports require a licence the Actual user alone may import such goods unless the Actual user condition is specifically dispensed with by the licensing authority.
Second hand Goods: All second hand goods, other than Capital goods may be imported in accordance with a Public Notice or a licence issued in this behalf.
Import of Second hand Capital Goods: All second hand capital goods, having a minimum residual life of 5 years, may be imported by Actual users, without a licence. This is subject to Actual user condition and in accordance with the laid down procedure.
Import of Gifts: Import of gifts shall be allowed in accordance with the provision of Baggage Rules as amended from time to time. Import of gifts shall be permitted without a custom clearance permit where such goods are otherwise freely importable under this policy.
In other cases, a custom clearance permit shall be required. It may be issued, on application by the licensing authority on merits.
Import of Passenger's Baggage: Bonafide household goods and personal effects may be imported as part of a passenger's baggage. Samples of such items that are otherwise freely importable under this policy may also be imported as part of a passenger's baggage without a licence.
Import on Export Basis: New or second hand Jigs, fixtures, dies, moulds, patterns, press tools and lasts, construction machinery and other equipments and containers meant for packing of goods for export may be imported on export basis without a licence. This may be imported on execution of bond/bank guarantee to the satisfaction of the customs authorities.
Re-import of Goods Repaired Abroad: Capital goods, aircraft including their components, spare parts and accessories, whether imported or indigenous may be sent abroad for repairs, testing, quality improvement or up gradation of technology are re-imported without a licence.
Import of Machinery and Equipment used in Projects Abroad: After completion of the projects abroad, project contractors may import, without-a licence, used construction equipment, machinery, related spares upto 15% of the CIF value of such machinery, tools and accessories. This can be done on the basis of furnishing of evidence of purchase for and use in the overseas project, Used office equipment and vehicles may also be imported after completion of the projects abroad without a licence provided that they have been used for at least one year.
Sale on High Seas: Sale of goods on high seas for importation into India may be made subject to this policy or any other law for the time being in force.