new delhi the organisers of the formula one indian grand prix on wednesday said they have inprinciple approval for custom exemption and they are even ready to pay whatever duty is required to hold the october 30 racea report in a national daily claimed that since the government does not classify formula one as a sport it was not willing to grant any exemption to the organisers and hence jpsi will have to pay custom duty on the temporary import of f1 equipment to the countryhowever jaypee sports international limited jpsi on wednesday insisted they have support from all quartersjpsi has full support from the government the sports ministry and the customs department for the f1 event scheduled for october this year we have an inprinciple approval from the customs department for creating a customs bonded area for f1 equipment that will be temporarily imported to india sameer gaur md and ceo jpsi said in a statementif required as per the law of the land jpsi will pay customs duties and taxes etc for the temporary import of equipment the estimated value of this equipment is about rs 150 crore and the final duty payable on this will be approximately rs eight crore gaur added