The Union Finance Minister Pranab Mukherjee has assertively announced that he desires to put through a strong message regarding reforms via the Budget covers the Indian art market. One of the announcements made by the FM today made it easier to conduct exhibitions related to art work being imported from abroad.

According to Pranab Mukherjee, the works of art as well as antiquities are exempted from the Custom taxes and duties while being imported for the purpose of exhibition in a public museum or even in a national institution. Such art works also include those for display in private art galleries or even similar premises that the general public is allowed to use.

The art communities, especially people owning private galleries, have embraced the change open handed. Meanwhile, initially, a submission of refundable Customs amount valuing around 14.7% of the net value of artworks brought in from outside to the country was needed. Or, for that matter, at least a bank guarantee was needed.

However, at present none of this is required, and therefore, according to Arun Vadehra, the director of the Vadehra Art Gallery, they will be more active henceforth for receiving artwork from abroad.