28-12-22 Daily-Punjab-PPSC Current Affairs

Implementing the Union Ministry of Road Transport and Highways scrapping policy, Punjab Cabinet on Friday decided to provide a tax rebate up to 25 percent to the owners of scrapped automobiles on the registration of new vehicles.

As per the policy, the owners of transport vehicles will be eligible for a motor vehicle tax rebate of up to 15 per cent, while the owners of non-transport vehicles can avail a rebate up to 25 per cent under section 13(3) of the Punjab Motor Vehicle Act, 1924.

In a major decision, the Cabinet has approved a policy for the disbursement of Discretionary Grants by the Chief Minister and his Cabinet of Ministers for the creation and repair of existing basic Infrastructure, improving the Environment, and fulfilling the basic needs of the poor.As per the decision, the Chief Minister will have Rs five crore in his discretionary quota, while the Cabinet Ministers will have Rs 1.5 crore each during the financial year.

Indias outperformance comes on the back of a sharper decline in ECM activity in major markets such as theUnited Kingdom,Australiaand<a href="https://currentaffairs.adda247.com/india-and-japan-to-conduct-joint-exercise-to-strengthen-cooperation-in-air-DEFENCE/”>Japan. ECM activity globally took a hit on account of heightened volatility amid rising interest rates.