No-remittance Imports
Sir, —It takes three or four months from the moment an applicant has sold his securities overseas and transferred the money until he gets his car. He has lost in interest or dividends about £B. I understand there are 12,000 no-remittance cars imported each year so this adds up to an annual loss of £lOO,OOO in foreign exchange. Can we really afford to be so generous? The Customs Department will say at once “it cannot be done.” But it can. A provisional licence would be issued on proof of funds being available. The motor company is allowed to import a car on this. Two weeks before the car is ready for delivery the licence is endorsed after funds have been transferred to the motor company and the Reserve Bank and the car would be handed over against this. True, there would be a few cars in transit on provisional licences, but this would not matter at all. If funds are not transferred the car would go to the next on the list—Yours, etc., O.C. February 27,1967.
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Press, Volume CVI, Issue 31307, 1 March 1967, Page 16
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178No-remittance Imports Press, Volume CVI, Issue 31307, 1 March 1967, Page 16
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