Ban On Import of Expensive Vehicles Lifted

The government has now lifted the ban on the import of expensive vehicles on the recommendation of the Ministry of Industry, Commerce, and Supplies. The cabinet meeting held on March 9, 2021, decided to lift the ban on the import of vehicles worth more than USD 50,000.The government had introduced the ban in March 2020 in order to save its foreign exchange reserves due to the impact of the COVID-19 pandemic. Although expensive vehicles cover a little share in the segment, the auto sector is set to get a boost with the cabinet's decision.With the ban now lifted, companies like Toyota, BMW, Land Rover, and Mercedes-Benz, etc., will now be able to import several of their new models in the country.