Punjab has introduced a new policy for the registration and transfer of imported vehicles, requiring owners to wait one year before transferring their vehicles to another person.
Under the new policy, an imported vehicle will initially be registered only in the name of the person who imported it. The owner must complete one year from the date of registration before transferring the vehicle to another buyer.
Previously, vehicles imported under the personal, gift and residence categories could be transferred to a new buyer immediately after registration. The new policy has ended that practice.
The Excise Department has also introduced a system check to enforce the new requirement. The system will block ownership transfers until the vehicle completes the mandatory one-year period.
Officials said imported vehicles account for an average of 20% of all vehicle registrations across Punjab. They added that the new policy could result in a significant decline in the department’s revenue.
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