Payment of Customs Duty :

The customs duty levied on vehicles brought into India by the NRI's for permanent settlement can be paid in rupees derived from the sale of foreign currency of by a debit to their NRE / FCNR accounts in India or out of funds held in their RFC account. In such cases, the authorized dealers will have to issue a certificate to that effect for submission to the customs authorities.

Depreciation :

Depreciation is allowable at a prescribed rate for the calculation of the customs duty. The period for depreciation is taken from the date of registration to the date of actual shipment of vehicles or the date of departure of the owner from the foreign country, whichever falls earlier. The maximum ceiling amount of depreciation is 70%.The following depreciation rates are allowable with effect from 26-05-1993 :

• For every quarter during the first year - 4%.
  
• For every quarter during the second year - 3%.
  
• For every quarter during the third year - 2-1.5%.
  
• For every quarter during the fourth year and thereafter - 2%.

NRI's PROPERTY

Investment in Real Estate
NRI's (being Indian citizens) are allowed to invest in immovable property, without RBI’s permission in India. For foreign nationals of Indian origin (whether resident in India or not), RBI has granted general permission (notification, May 26, 1993) to acquire or dispose off any immovable property, other then agriculture land/ farm house/ plantation property, subject to following conditions :