News
Vehicle import ban to continue till next year
View(s):The government has postponed the lifting of the ban on private vehicle imports until the beginning of next year.
A decision has been made to put off lifting the ban because the country’s economy has not stabilised enough and foreign reserves are not at a sufficient level to facilitate such imports, a senior Treasury official told the Sunday Times. He said the import of private vehicles will result in an annual foreign exchange outflow of about USD 1 billion.
However, the import of commercial vehicles such as lorries, buses and trucks, as well as vans used in the tourism sector, can start next month, the official added. Vehicles used for government ministries and other agencies too will only be imported from the beginning of next year when the ban is lifted on private vehicle imports.
The government had earlier planned to allow the import of electric vehicles and private cars by the end of this year. This has also now been postponed until next year.
Motorbikes and three-wheelers make up the largest number of private vehicle imports. The import of these vehicles will have to be postponed until at least May or June next year due to the economy still not having recovered enough, the official revealed.
Small cars with engine capacities ranging from 600 cc to 800 cc are usually imported in bulk. Therefore, the government will allow only a certain quota of such vehicles to be imported. Only authorised local agents of the parent companies will be allowed to import such vehicles initially.
When allowing the import of vehicles from the start of next year, the government will also give priority to companies that locally assemble the vehicles from imported parts, the Treasury source said.
Meanwhile, about 10,000 vehicle permits issued to doctors and senior government officers are still pending. The official said they would only be able to consider allowing these vehicle imports next year, but that their vehicles too would not be allowed to be imported in bulk. The decision on these imports will depend on the state of the economy.
Traders will not be able to import vehicles in bulk and will only be allowed to import a limited number of vehicles. Only reconditioned vehicles that are two years old or less will be imported. Their engine capacities, too, will depend on what the government considers can be imported without harming the still fragile economy.
If the vehicle imports prove too much of a burden on the country’s economy and lead to serious strain on the US dollar and the country’s foreign reserves, the Treasury will not hesitate to re-impose restrictions, the official added.
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