Tuesday, January 31, 2023

Vehicle Scrapping Policy: Modi government’s big decision related to old cars, they will get crores of rupees

Vehicle Scrapping Policy: Keeping in mind the reasons related to safety and pollution, the central government had planned to scrap vehicles (including cars and other motor vehicles) older than 15 years, which has been implemented. To help the state governments in this work, the central government is also going to provide financial assistance to them. For scrapping old vehicles, an incentive of Rs 2,000 crore will be given by the central government to the states (state governments) under the ‘Special Assistance for Capital Investment Scheme’. Apart from this, tax exemption will also be given to those who present vehicles for scrap.

Explain that the government had introduced the ‘Special Assistance to States for Capital Investment’ scheme with an expenditure of Rs 1.05 lakh crore in the budget of 2022-23. In this, it has been said to provide financial assistance to the state governments in the form of interest-free loans for capital projects for 50 years. Now the central government has earmarked an additional Rs 2,000 crore under this scheme to encourage states to scrap old government vehicles or vehicles that are more than 15 years old. Along with this, people who bring vehicles for scrapping will be given tax exemption.

In a letter to the states last month, the finance ministry said that road transport has been added. As a new sector in the reforms set out under the plan. Incentives have been added to the scheme for scrapping old vehicles. With the inclusion of road transport sector in the ‘Special Assistance to States for Capital Investment’ scheme, the total expenditure under the scheme has increased from Rs 1.05 lakh crore to Rs 1.07 lakh crore. At present, the government has so far sanctioned Rs 77,110 crore under The. Scheme, out of which Rs 41,118 crore has been released to the states.

Read More: This Hyundai car defeated both Maruti-Tata, there is a line to buy

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