17,000 new credit cards issued by ICICI linked to wrong users

Currently, cars imported as Completely Built Units (CBUs) are subject to customs duties ranging from 60% to 100%, depending on the engine size and cost, as well as the value of insurance and freight (CIF) less than or greater than $40,000.

Electric carmaker Tesla has initiated talks with the Union government to set-up fully-owned retail outlets, however it needs to comply with the Foreign Direct Investment (FDI) norms in relation to single-brand retail, which includes local sourcing norms to sell directly in India, Business Standard, reported on Tuesday. According to the new FDI rules, all procurements made in India by the single brand retailer entity will be counted towards local sourcing, whether its for domestic or overseas sales.

Also, companies must source 30% of the value of their goods from India, if they have proposals of over 51% foreign stake in single brand retail.

Tesla to increase sourcing from India for auto components

According to industry experts, Tesla has been sourcing auto components from India after signing up non disclosure agreements. Recent reports indicate that it might increase sourcing from India and is in talks with at least three domestic manufacturers. The company is looking for a range of components like light-weighting of forged parts, possibly for steering wheels, amongst others, the publication said.

As per the FDI rules, the company can account the value of third-party deals for meeting its local sourcing norms, irrespective of whether its used in India or exported.

Globally, Tesla has set up its own retail outlets rather than going for a dealer network. It also sells online. The company plans to import its cars initially. It has already approval from the government for four of its model to be roadworthy in India.