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The benefits of deemed exports are to be given with reference to the benefits available on the date of supply irrespective of the date of contract for such supplies subject to fulfillment of all the parameters of Policy and Handbook and submission of application along with the prescribed documents within the time limit.
Vide Sl.No.2(II)(e)(ii) of the Import Licensing Notes to Chapter-87 of the ITC(HS) Classification, import of new vehicles for R & D purpose by vehicle manufacturers is exempted from all conditions laid down under Sl.No.(2)(II) of the said Licensing Notes. It is, hereby, clarified that in addition to these exemptions, import of new vehicles for R & D purpose also do not require to fulfill the condition of Right Hand Steering and controls. The importer will ensure that these vehicles are kept off the road and not registered under the Central Motor Vehicle Rules(CMVR), 1989.
