Punjab Wednesday announced reduction in bus fares in the state as a New Year gift to passengers. The new rates will be effective from Jan 1, Transport Minister Ajit Singh Kohar said.The minister said it was for the first time in the history of the state that bus fares have been reduced.Kohar said that from January onwards, the fares will be reduced by four paisa per km for ordinary buses.This decrease will also be in fares for other categories of buses of the state transport department.