The Central Bank's focus on the proposal to allow the importation of vehicles in dollars

The central bank is looking at a proposal to allow persons who can pay in foreign exchange to import vehicles and pay taxes in hard currency, Central Bank Governor Nivard Cabraal said last week.

 

“If the vehicle is paid for in hard currency and not converted rupees, and the duty also accrues to the government in hard currency, I don’t see any harm, in fact it would be good,” he said.

 

It would also mean that there’s are new vehicles coming into the country not paid for by rupees converted into hard currency plus a hard currency duty stream, an analyst said.