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No threat to Indian GP, say organisers
September, 16th 2011

Officials from Jaypee Sports International Limited (JPSI) maintained that they received a no-objection certificate from the sports ministry in the second week of August and that there is no threat to the running of the inaugural Indian Grand Prix. Senior vice-president of communications Askari Zaidi told HT that Jaypee Sports would even be willing to pay the customs duty should the need arise.

"We have applied for an exemption from customs duty for the event as the equipment for the event is not being sold to consumers," said Zaidi. "We are waiting to hear about the status of our application."

Zaidi added that the presence of customs officials during the transport and opening of the cargo for the race was, in effect, similar to the customs bonded zone that they had requested be set up for the race weekend.

According to the sports ministry, the no objection certificate that was issued to JPSI was to certify that the event could be held in India. We told them that we have no objection that they are holding it in India as a sport and that it will be at no cost to the government, said a ministry source.

As per the norm, if the exemption doesnt arrive the organisers would have to pay 100 percent customs duty for the goods on arrival, with 98 percent being refunded on departure and two percent being collected as tax.

If required, as per the law of the land, JPSI will pay customs duties and taxes etc. for the temporary import of equipment. The estimated value of this equipment is about R150 crore and the final duty payable on this will be approximately R8 crore, JPSI CEO Sameer Gaur said in a statement.

 
 
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