July 19, 2006 (LBO) – Sri Lankaâ€™s state run transport authority will give private bus owners a financial handout to encourage them to replace run down buses with new ones.
The National Transport Commission will give qualified bus owners 96,000 rupees per bus over 12 months little over three percent of the three million rupee cost of a new bus.
The budget has allocated 75 million rupees this year and we are hoping to give this incentive for about 750 buses this year,â€ M A Jeffrey, Director General of the National Transport Commission told LBO on Wednesday.
Eligible bus owners will have to hold a passenger service permit for a continuous period of five years, and the bus they want to replace should be at least ten years old in August.
The applicant should also be the registered owner of the bus to be replaced for at least two years as at August 18, a public notice of the scheme, explained.
Selected bus owners will have to buy the new bus within three months, with payments of the grant from the transport commission made every quarter, for one year.
The financial incentive could contribute towards lease payments or insurance,â€ Jeffr