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Economy / BS-IV vehicles purchased till 31 March 2020 will remain valid, government departments ban on vehicle purchase

new Delhi. In view of the slowdown in the auto sector and the biggest decline of 19 years in vehicle sales, Finance Minister Nirmala Sitharaman made several big announcements to improve the condition of the industry. Nirmala Sitharaman said that to speed up the auto sector, the government department will replace old cars and buy new ones. Earlier there was a ban on replacing old ones and buying new ones, which has now been removed. Eliminating the concerns of industry and consumers over the sale of BS-IV vehicles, the Finance Minister said that such vehicles purchased till March 31, 2020 will remain valid. 

The Supreme Court gave a decision to ban the sale of BS-IV vehicles by implementing BS-VI from 1 April 2020. After this decision, there were apprehensions in the minds of the customers that if they buy BS-IV vehicles, then they can be banned from April 2020. But, Nirmala Sitharaman made it clear on Friday that by 31 March 2020, BS-IV vehicles can be purchased and can be run till they are registered. Sales of BS-IV vehicles are expected to increase after the government's decision, as vehicle prices are expected to rise by 12% after the introduction of BS-VI. 

The decision was to increase the registration fee by 10 to 20 times, now the decision by June 2020
, according to the media reports, the government was preparing to increase the registration fee for middle-class vehicles from the current Rs 1 thousand to Rs 20 thousand. A draft was also prepared for this. If this decision were implemented, the fees of two-wheelers could have increased from Rs 50 to Rs 1,000 and the fees of cars could have increased from Rs 600 to Rs 5,000. But now the government has postponed the decision to increase the registration fee till June 2020. This decision will not affect the prices of vehicles at present.

A new scrap policy will come, there will be a discount on buying new by selling an old car,
Nirmala Sitharaman said that the government is also working on a new scrap policy. There will be an additional discount on buying a new car by selling old vehicles on coming scrap policy. According to media reports, you can get a discount of up to Rs 50,000 for selling a 10-year-old commercial vehicle and Rs 20,000 for selling a passenger car. Whereas, a discount of up to Rs 5,000 is being offered on selling 7-year-old two-wheelers and three-wheelers. However, this rebate will be available only when the customer buys a new one instead of the old one.

Getting loan from NBFC will be easy

  • The Finance Minister has asked banks to release Rs 70,000 crore to increase cash flow. NBFCs can easily provide loans to customers, so they are now allowed to disburse loans using Aadhaar-verified bank KYC. Finance Minister says that it will be easy to get loan.
  • Toyota Kirloskar Motor Deputy MD N Raja had told Dainik Bhaskar App recently that the cash crisis of non-banking finance companies (NBFCs) and strict lending rules have led to a slowdown in the last few months. He hoped that the government would take necessary steps like increasing liquidity by giving capital to banks. 

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