The govt is planning to add a new clause and you may not get any sop for replacing your old car
Advertisement
If you think you will be getting sops while replacing your old car with a new one, read the fine print that government has just added.
The Indian government is planning not to give sops to those buying fuel-guzzling vehicles.
Reportedly, cars and utility vehicles having afuel economy below 14 km per litre, as certified by the Automotive Research Association of India (ARAI), won’t get benefit.
It is likely that big SUV buyers will be left out of the bracket as majority of the cars in India have fuel efficiency in excess of 25 km per litre.
As per the proposed Voluntary Vehicular Fleet Modernisation Policy (V-VMP), vehicles bought before April 2005 or those below BS IV emission standards will be eligible for incentives if replaced by new ones.
"Details of the plan are yet to be worked out. However, one thing is certain that the incentives won't be offered on fuel-guzzling cars. Otherwise, the motive of this policy would be defeated. Some minimum threshold of fuel efficiency would be worked out. It could be 13-14 km per litre,” a source told ET.
The Indian road transport ministry had unveiled a draft of the proposed V-VMP, which suggests complete excise exemption for state transport buses to encourage public transport to shift to newer and higher capacity buses which will also help decongest roads.
Those opting for V-VMP will have to deposit documents relating to the vehicle at the recycling centre. After verification, the owner will get a V-VMP certificate and the price for the scrap. Then he has to provide the certificate to the dealer while buying the new vehicle to avail of the discount.
Advertisement
The Indian government is planning not to give sops to those buying fuel-guzzling vehicles.
Reportedly, cars and utility vehicles having a
It is likely that big SUV buyers will be left out of the bracket as majority of the cars in India have fuel efficiency in excess of 25 km per litre.
As per the proposed Voluntary Vehicular Fleet Modernisation Policy (V-VMP), vehicles bought before April 2005 or those below BS IV emission standards will be eligible for incentives if replaced by new ones.
Advertisement
The Indian road transport ministry had unveiled a draft of the proposed V-VMP, which suggests complete excise exemption for state transport buses to encourage public transport to shift to newer and higher capacity buses which will also help decongest roads.
Those opting for V-VMP will have to deposit documents relating to the vehicle at the recycling centre. After verification, the owner will get a V-VMP certificate and the price for the scrap. Then he has to provide the certificate to the dealer while buying the new vehicle to avail of the discount.
Advertisement
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’