News Until now foreign watches have been barred from being imported into India, excepted the import of watches against a special licence import (SIL) provided the CIF value exceeds Rs 35'000 (about 1'000 USD).
The Governments of India and Switzerland have now reached an agreement in order to remove all import restrictions not later than 31 March 2002. The restrictions shall be eliminated in three phases. First, the SIL will be substitute by the open general licence (OGL) up 1st. April 1998. Secondly, the limit of Rs. 35'000 will be reduced to Rs. 4'000 not later than 31 March 2000. Finally, this remaining restriction (Rs. 4'000 limit) will be removed not later than 31 March 2002.
January 14, 1998