Russia unveils 10-bln-ruble car scrapping program

10:03, January 12, 2010      

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Russia should earmark 10 billion rubles (about 341.4 million U.S. dollars) as subsidies for a car scrapping scheme that will start on March 8, said Russian Industry and Trade Minister Viktor Khristenko on Monday.

When briefing Prime Minister Vladimir Putin, Khristenko said the ministry was currently working on ways to implement the scheme, whose basic regulations have been drafted while some specific detailed rules need to be refined.

Under the new scheme, each citizen who owns a vehicle produced no later than 1999 for more than one year can scrap it in exchange for a standard subsidy of 50,000 rubles (about 1,707 U.S. dollars),said Khristenko.

The subsidy can be used to purchase any of 60 to 65 automobile models manufactured in Russia, he added.

The minister also suggested another 1 billion rubles (about 34.14 million dollars) as compensation for the transportation costs, according to local media.

Putin instructed the ministry to accelerate the construction of car recycling facilities while ensuring the scheme's effective operation.

Source: Xinhua
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