The sub-4 metre sedan will be available with both petrol and diesel engines.
Volkswagen is under huge pressure to act, with its shares down more than a third in value since the crisis broke, and the bad news still coming.
Volkswagen will start firing people responsible for rigging US emissions tests and shake up management on Friday,
Volkswagen did not name a successor, but said proposals on management appointments would be made to a full board meeting on Friday.
New Volkswagen Chief Executive Matthias Mueller warned staff on Tuesday to brace for "massive cutbacks" in response to the diesel emissions scandal that has hammered the company's stock and reputation.
German prosecutors launched an investigation on Monday into fraud allegations against former Volkswagen boss Martin Winterkorn.
The auto major is not just looking at domestic sales, but also planning to ramp up exports to key markets from here, like the Middle East, North Africa and Australia.
Martin Winterkorn, the former boss of Volkswagen who quit last month, will step down from his remaining posts related to the company.
The emission is nine times more than cap; Volkswagen denies the claim.
Late on Monday, Volkswagen's U.S. chief Michael Horn said the company had "totally screwed up" and promised to make amends.
Former head of Skoda Auto's India unit, Imran Hassen, is being forced out of the Volkswagen group following "differences" with the management, a senior company official said.
Volkswagen is planning to roll out a variant of its popular car, Polo, in by 2009. The car will be pitted against Maruti's Swift, Hyundai's Getz and Tata Motor's Indica.
Phaeton is built at Volkswagens Glass factory at Dresden in Germany where a customer can see his or her car being assembled from the stage of choosing chassis.
The Polo would be available in both petrol and diesel variants.
A bench headed by NGT chairperson Justice Adarsh Kumar Goel directed the carmaker to deposit the amount within two months.
Volkswagen faces paying out billions of dollars in fines and compensation after it admitted rigging tests on some of its diesel cars to make them appear cleaner.
'Volkswagen made some big mistakes.'
Volkswagen is looking at ways to cut costs and boost cash flow.
The controversy came to public attention last week after Volkswagen acknowledged it had deliberately deceived officials about how much its diesel cars polluted.
Volkswagen AG said a scandal over falsified US. vehicle emission tests could affect 11 million of its cars around the globe.
The company will sell both VW and non-VW branded cars under the pre-owned car business, Volkswagen Group Sales India Member of Board and Director Neeraj Garg told reporters in New Delhi.
VW is under pressure to identify those responsible, to say how vehicles with illegal software will be fixed.
The car, which is being rolled out from the company's plant at Chakan, in Maharashtra, comes with 1.6 litre petrol or diesel engine options.
VW overtook Japan's Toyota in the first half of this year to become the world's biggest carmaker by sales, but is facing a sharp slowdown in its most profitable market, China.
Volkswagen said in a statement that the payments were compensation for losses incurred by Andhra Pradesh, following the 'allegedly illegal actions' of former Skoda board member Helmuth Schuster, who resigned on June 15.
German carmaker Volkswagen has deputed Frank Elbe, former German ambassador to India, as a special envoy to represent its interests in the country. \n\n
It isn't yet clear whether Martin Winterkorn knew about the "defeat devices" in certain U.S. cars, notes Olaf Storbeck.
VW kept set aside 6.5 billion euros just to cover the potential costs of recalling and fixing the affected cars.
However, the company has claimed its vehicles are 'compliant' with the country's emission norms and that it will 'challenge' the tribunal's order.
Daniel Carder said he's surprised to see such a hullabaloo now, because his team's findings were made public nearly a year and a half ago.
It is as different as chalk and cheese when you step inside the cabin of all these cars.
Volkswagen's premium brands Audi and Porsche will join Formula One after convincing the German automaking group that the move will bring in more money than it will cost, VW Chief Executive Herbert Diess said on Monday.
Europe's largest carmaker had previously admitted to installing cheat software on up to 11 million vehicles worldwide with smaller diesel engines.
If Tesla comes in, India's position as a manufacturing hub will rise many notches, as it will become only the second country, after China, to have both Apple as well as Tesla.
Industry experts said the scandal could hit VW hard, just as it was emerging from a damaging leadership battle.
'We are going to have hybrid cars, which, as far as I know, none of our competition is working on, and this includes ethanol.'
The Supreme Court on Thursday dismissed a plea by Skoda Auto Volkswagen India challenging an FIR registered in Uttar Pradesh by a customer over the alleged use of 'cheat device' in its diesel car by the company to manipulate emission norms.
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