LAHORE – Punjab has introduced a new policy for registration and transfer of ownership of imported vehicles.
Under the new policy, the imported vehicles can no longer be immediately transferred to another person after registration.
It said an imported vehicle will initially be registered only in the name of the person for whom it was imported.
If the original importer wants to transfer the vehicle to another buyer, a one-year waiting period will now apply.
Previously, imported vehicles brought into the province under categories including personal, gift and residence schemes could be registered and subsequently transferred to a new owner without such a waiting period.
The new policy has ended that immediate transfer mechanism. According to officials, the vehicle must remain registered in the original importer’s name for one year before ownership can be transferred.
The Excise Department has also introduced a system-based check to enforce the new requirement. The system will prevent ownership transfers before completion of the mandatory one-year period.
Officials said imported vehicles account for an average of 20% of total vehicle registrations in Punjab.
They also indicated that the new policy could have a significant impact on the Excise Department’s revenue.
