EV policy: FinMin notifies 15 pc duty on e-vehicle imports

New Delhi: The finance ministry on Friday notified the lower 15 per cent duty rate on the import of electronic vehicles (EV) of a minimum value of USD 35,000, subject to certain conditions, announced under the EV policy. Currently, EV imports attract 100 per cent Customs duty.

Earlier in the day, the Heavy Industries Ministry had notified a ‘Scheme to promote manufacturing of electric passenger cars in India’, under which import duty concessions would be given to companies setting up manufacturing units with a minimum investment of USD 500 million.