A Manufacturing & Other Operations In Warehouse Regulation (MOOWR) export vehicle was flagged off at a ceremony hosted at the Isuzu Motors India (IMI) plant. MOOWR, a scheme introduced in 2019 by the Government of India, facilitates Indian manufacturers to import materials without paying duty under the customs act at the time of import of materials.
The duty commitment is exempted when the finished product is exported / duty is deferred when vehicles are intended to be sold in the Indian market. The manufacturer must store and follow strict process controls on a duty unpaid imported material.
Sadhu Narasimha Reddy, Additional Commissioner of Customs, waved the flag in the presence of Dr Ravindra Sannareddy, Founder Managing Director, Sri City, Rajesh Mittal, Managing Director, IMI, Toru Kishimoto. Deputy Managing Director, IMI and Hiroshi Matsubara, President, MC India.
Reddy noted that the Central Board of Indirect Taxes and Customs (CBIC) launched the scheme to defer the Customs duties on imported goods that are used for the intended purposes of manufacture or carrying out other activities. The scheme aims to transform India into a competitive manufacturing location and an attractive investment destination.
Dr Sannareddy said that IMI was the first automaker to set up a unit in Andhra Pradesh. 'I admire their initiative to create 80% employment for people of AP, in line with Government policy, and to contribute their bit to the socioeconomic growth of the region,' he added.
Mittal said the MOOWR scheme provides an advantage, particularly for OEMs like IMI, who are also into exports.
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