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NO GOVERNMENT INTERVENTION TO DETERMINE PRICE OF VEHICLES TO BE SCRAPPED
The Business Guardian
|December 01, 2024
In a written reply to the Lok Sabha, Union Minister for Road Transport and Highways, Nitin Gadkari said that there will be no government intervention for determining the fair price for a vehicle to be scrapped.
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The market forces will determine the fair price of the vehicle to be scrapped.
"There is no intervention by the Government in determination of fair price of private vehicles to be scrapped. The price of these vehicles is decided by the market forces as per the condition of the vehicle to be scrapped" said Gadkari.
The minister also noted that the Reserve Vehicle Scrapping Facility (RVSF) units, set up as private entities, are responsible for determining the price based on vehicle condition.
On compensating vehicle owners, the minister stated that while government vehicles have a reserve price determined by the Ministry of Steel, private vehicles' scrap value is decided by the market forces.
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