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
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.
The Ministry of Road Transport and Highways on November 19 said it has prepared draft guidelines
for setting and operating vehicle scrapping centres.