Imported vehicles registered in Punjab can no longer be transferred to another owner for one year after registration, the provincial Excise Department has announced.
Under the new policy, an imported vehicle will remain registered in the name of the importer for the full period. Until now, imported vehicles were transferred to the name of the buyer immediately upon registration.
Excise officials said vehicles were being imported under three categories: personal, gift and residence. In all three, the vehicle could be transferred as soon as it was registered.
Buyers must now wait one year before a transfer can be made. The Excise Department has added a check to its system to enforce the policy.
According to officials, imported vehicles made up an average of 20 percent of all vehicle registrations in Punjab. The department is expected to suffer a significant loss in revenue as a result of the new policy.
