nothing will happen, last time when the cars were imported the YEN was at 0.5yen against 1 Rs
now its 1 to 1
so a car costing 300,000 Yen was at 1,50,000 Rs and now its 300,000Rs, you can calculate the rest of the taxes yourself.
also people think that market will be flooded with cars, I say the recession will not allow that, only specific people will be doing this business and controlling the prices.
e.g Did XLI loose market cause of Corolla X
I say no