General Circular No. 15/2001 announces formation of National Advisory Committee on Accounting Standards, per S.O. 841(E) dated 29th August 2001.
The import of vehicles (as classified under Chapter 87 of ITC(HS) Classifications of Export and Import Items, 1997-2002 ) by Foreign Diplomats and Other Privileged Persons in this category, who are exempt from payment of customs duty,shall be exempt from all the conditions of Notification no. 4(RE-2001)/97-02 dated 31.03.2001. However, such imported vehicles cannot be sold in India except to another diplomat or privileged person and are compulsorily required to be re-exported. This exemption shall be applicable on all imports made subsequent to 31.03.2001.
