No duty on artwork imported for display

Union Finance Minister Pranab Mukherjee’s assertion that he wanted to send a strong message of reforms through the Budget covers the art market in India. Among other announcements today, the minister made it easier to organise exhibitions of art work imported from abroad.

“Works of art and antiquities are exempt from Custom duties when imported for exhibition in a public museum or national institution,” Mukherjee said. This includes art work for display in private art galleries or similar premises open to the general public.

The art community, particularly owners of private galleries, have welcomed the change. “(Earlier) a refundable Customs deposit of 14.7 per cent of the total value of artworks imported was required to be submitted, or a bank guarantee was required. Now that this is no longer needed, we will be more active in getting artwork from abroad,” said Arun Vadehra, director, Vadehra Art Gallery.

Source: Indian Express