Presenting the budget, the Union Finance Minister said: 'In recent years, many organizations have joined the cause of promoting and also popularizing traditional as well as contemporary art. And some of them have been quite active in locating heritage works of Indian origin in foreign countries (and bringing them back home.)”
To encourage such initiatives, Mr. Pranab Mukherjee has proposed to expand the scope of the exemption for artworks, as we have already pointed out. It will also apply to imports for exhibition or display in private art venues or similar premises open to the general public. Many art market players think that among the hindrances in the internationalization of art in the country is the customs/ import duty on different objects of art. If there is a positive shift in reality, it certainly will facilitate a more dynamic artistic exchange with the rest of the world. A step has already been taken in this direction…
Thus far, a major bottleneck in importing art and heritage objects of value to India had been the 'poor cost viability largely caused by high customs duties'. In this context, the proposed easing of customs levies is taking place just at the right time when the country is getting ready and economically efficient to appreciate art.
For private promoters and art exhibitors working on scarce resources, the cost incurred in bringing works located abroad made such ventures commercially unviable. Considering this fact, the FM has made a good move not only for helping private promoters, but also for preserving India’s rich artistic heritage.
In effect, the several procedural difficulties encountered in importing national heritage art from abroad will now be removed. It will also help display quality foreign art in India. For example, several of Rabindranath Tagore's works are located abroad. It will be easier to acquire some of his artworks and carry them back to India for a major exhibit by a private art gallery.
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