Home Latest News Surrender old vehicles get upto Rs 1.5 lakh incentives

Surrender old vehicles get upto Rs 1.5 lakh incentives

Government is considering giving financial incentives of up to 1.5 lakh rupees on surrender of over ten year old vehicles to check pollution and address road safety concerns. Talking to reporters on the sidelines of a function in New Delhi yesterday, Union Transport Minister Nitin Gadkari said, a proposal to formulate the new incentive policy for surrendering old vehicles is being worked out and will be soon sent for the Finance Ministry for approval.

The Minister said, under the proposed policy, people would get an incentive of up to 30,000 rupees for discarding small vehicles like cars, while total benefits after taking into account tax exemptions could be up to 1.5 lakh rupees for big vehicles like trucks. Mr Gadkari said, if incentives will be given, it will be easy for people to surrender their old vehicles and get new vehicles.

He said, the plan is to set up 8 to 10 industrial units near ports like Kandla in Gujarat, which will give certificates for accepting old vehicles and also recycle vehicles from India and abroad. Earlier, National Green Tribunal has banned plying of diesel vehicles which are more than ten years old in the national capital region.

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