Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
If you end up buying a car which has a manufacturing defect, there’s a possibility that the manufacturer has not taken up your grievance very seriously. To strengthen the redressal process, the government has taken a huge step.
The ministry of transport will soon launch a portal where consumers can file complaints related to car recall. If 100 people complain about the manufacturing defect of a three or four wheeler on this proposed portal, then the company will have mandatorily to recall that vehicle.
The Ministry of Road Transport and Highways on Wednesday made it mandatory for car manufacturers to recall defective vehicles, i.e. vehicles with a manufacturing defect. The new rules will come into effect from 1st April.
According to the Central Motor Vehicle Act, besides recall, the manufacturers will also have to pay heavy fine. As per the Motor Vehicle Amendment Act, 2019, companies may have to pay a fine ranging from Rs 10 lakh to Rs 1 crore for selling a vehicle with manufacturing defects.
According to SIAM data, a total of 3,79,635 vehicles were recalled by auto companies in 2020. While experts believe that it is a great step, they advocate that strict road safety rules also be followed by citizens.
Automobile Expert Ronjoy Mukherjee says, “This policy is a step in the right direction.” Earlier companies used to bypass small faults. Now they won’t be able to do it.”
IISc, Convenor of Sustainable Transportation Lab (IST lab) Prof. Ashish Verma says that the quality of vehicles has not improved over the years even as the pace of construction of highways has picked up.
According to Verma, the issue of vehicle recall is directly related to road safety. “India is a sensitive market in terms of prices and in such a situation, companies are worried about cost. Safety standards such as airbags or crash tests should be made mandatory. On the other hand, people will also have to change their driving habits. ” Every day road accidents claim over 400 lives across the country, and this needs to be addressed on priority, he added.