Addressing a press conference, Finance Minister Nirmala Sitharaman Friday said BS IV vehicles purchased till March 2020 will remain operational for the entire period of registration. Speaking on the revision of one-time registration fee, the finance minister said the higher registration fees has been deferred till June 2020.
The announcement of BS IV vehicles by Finance Minister Nirmala Sitharaman comes as good news for the auto industry.
Finance Minister Sitharaman also spoke on the higher depreciation for all vehicles and said the focus of the government will be to set up an infrastructure for the development of components.
"Government's focus will be on setting up of infrastructure for the development of ancillaries/components including batteries for export," Sitharaman said.
To boost demand, Finance Minister Nirmala Sitharaman said, "Government shall lift the ban on the purchase of new vehicles for replacing all old vehicles by Departments."
"Government will consider various measures including scrappage policy," the finance minister said.
The announcements were also confirmed by Finance Secretary Rajeev Kumar, through his official Twitter handle.
Video: Nirmala Sitharaman makes big announcement on BS IV vehicles