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Auto scrappage policy | No decision taken at today's CCEA meet, says sources

On the agenda was a hike in registration charge on renewal of old commercial vehicles (CVs) to Rs 40,000 from Rs 1,500 -- a hike of close to 27 times, CNBC-TV18 reports

November 27, 2019 / 11:30 AM IST
Representative Image

Representative Image

The auto scrappage policy found no mention at Cabinet Committee on Economic Affairs (CCEA) meet on November 27, CNBC Awaaz reports.

Earlier in the day, sources told CNBC-TV18 that the CCEA may approve the scrappage policy.

On the agenda was a hike in registration charge on renewal of old commercial vehicles (CVs) to Rs 40,000 from Rs 1,500 -- a hike of close to 27 times, CNBC-TV18 reports.

CCEA may also removing registration charges on the exchange of old cars for new ones, place a heavy road tax of vehicles older than 15 years and offer a discount on exchanging old vehicles for new ones, the report stated.

The move is likely to weigh on auto stocks, which had rallied 1-3 percent on hopes of a scrappage policy approval.

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The Ministry of Road Transport and Highways on November 19 said it has prepared draft guidelines for setting and operating vehicle scrapping centres.
Moneycontrol News
first published: Nov 27, 2019 09:02 am

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