NEW DELHI: The finance ministry wants the proposed vehicle fleet modernisation policy for heavy vehicles that are more than 15 years to be made mandatory. It has also suggested to the road transport & highways ministry that instead of excise duty relief, financial benefit for mandatory scrapping of old and polluting vehicles be provided via the budget "The finance minister has asked me to make scrapping of old heavy vehicles mandatory instead of keeping it voluntary. The minister is also in favour of providing financial benefits to people for scrapping vehicles," road transport and highways minister Nitin Gadkari told ET. Gadkari on Wednesday met finance minister Arun Jaitley to push for excise duty relief under the policy. Under the proposed policy, vehicles bought before April 2005 or those below BS IV emission standards will be eligible for incentives if replaced.

Source: Economic Times August 24, 2016 23:15 UTC