Vehicle Owners Can Transfer Their Certificate of Deposit Without Buying a New Car Through DigiELV
A vehicle owner who has scrapped a car does not have to buy another vehicle to use the Certificate of Deposit issued from that scrappage. The Certificate of Deposit can be traded electronically and transferred to another holder, who can use it when purchasing an eligible new vehicle. For an owner who is not planning another vehicle purchase, this provides a way to sell the Certificate of Deposit…
Vehicle scrappage owners can transfer their Certificate of Deposit (CD) even without purchasing a new car, according to DigiELV's scrapping process. The CD can be traded electronically on DigiELV, a platform linked to the government V Scrap Parivahan portal. Unused CD holders can sell the certificate digitally instead of leaving it unused.
The trade commences on V Scrap, where the owner logs in, verifies the certificate's validity, and opts for 'Trade' to transfer the CD to DigiELV. Following registration, the owner adds bank details and lists the CD for sale on the platform. Buyers find CDs on DigiELV by vehicle category and compete for the best offer. Upon acceptance, the CD is transferred to the buyer, who can utilize it when purchasing an eligible new vehicle, benefiting from government waivers and manufacturer discounts.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
