Government Considering Incentives For Surrendering Old Vehicles

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The government of India is considering providing incentives of up to INR 1.5 lakh for surrendering vehicles that are more than ten years old.

This comes in during the exact time as the National Green Tribunal (NGT) has banned plying of diesel vehicles which are more than ten years old in the national capital.

According to Transport Minister Nitin Gadkari, this new scheme is being worked out and would be soon sent for the Finance Ministry's approval.

If approved, people would get an incentive of up to INR 30,000 for discarding small vehicles like cars, while total benefits after taking into account tax exemptions etc could be up to INR 1.5 lakh for big vehicles like trucks.

Gadkari said, "We are bringing such a scheme that, for example, if you sell your old vehicle you will get a certificate which on being produced at the time of new purchase will get you a discount of up to INR 50,000.

"For small vehicles like cars it will be up to INR 30,000. Besides, there will be exemptions in taxes. Total benefits for big vehicles like trucks will be up to INR 1.5 lakh."

Industrial units near ports like Kandla which will give certificates for accepting old vehicles and also recycle vehicles from India and abroad, thus giving a boost to employment and economy will be set up he said.

He also asked foreign manufacturers to supply biofuel based quality buses at economical prices since India is a huge market for them.

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Read more on: #auto news #government
Story first published: Friday, August 14, 2015, 12:05 [IST]
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