DigiELV Launches India’s Verified Vehicle Scrap Certificate Market
By Business Desk
DigiELV introduces a verified digital marketplace for India’s vehicle scrap certificates, aiming to accelerate the 2021 scrappage policy adoption and benefit new car buyers.
DigiELV has launched a verified digital market for India’s vehicle scrap certificates, directly addressing the low adoption of the country’s 2021 vehicle scrappage policy.
The policy struggled as many vehicle owners who scrapped old cars did not purchase new ones, leading to valuable scrap certificates expiring unused.
Solving the Certificate Challenge
The platform, authorized by MoRTH, allows owners to sell their digital Certificates of Deposit (CDs).
- These digital CDs can be purchased by new-vehicle buyers.
- Buyers then claim benefits like road tax rebates and OEM discounts.
- This process establishes a clear market price, removing middlemen.
DigiELV ensures secure and traceable transactions through integration with KYC and the government’s V-Scrap system, preventing fraud and guaranteeing simultaneous payment and ownership transfer.
Every certificate on DigiELV is issued by VAHAN, the national vehicle database, ensuring its authenticity.
Key Stakeholder Benefits
- Vehicle owners can monetize expiring certificates.
- New-vehicle buyers access significant discounts.
- Government benefits from increased scrappage rates and reduced tax leakage.
This system aims to support the government’s objective of achieving 500,000 scrapped vehicles annually by 2026, enhancing environmental and economic outcomes.