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?
FASTag has been introduced by the Indian government to make the toll tax collection process smooth and effortless. The government is planning a system wherein 100 per cent of the toll fee is collected digitally via FASTag with zero cash handling.
Over 80 per cent of all toll collected across national highways is through FASTag. In fact, toll collection has reached around Rs 93 crore per day, inching towards the Rs 100-crore per day mark. As per the latest government mandate, any vehicle not fitted with FASTag will be charged double the toll at electronic toll plazas across the country. So, if you are still lagging, here’s some help:
What is FASTag?
FASTag is an electronic toll connection device, pasted on the windscreen of the vehicle in the form of a sticker. It is backed with radio frequency identification (RFID) technology and enables drivers to drive through toll plazas without having to stop. The toll payments are deducted directly from the user’s prepaid account linked to the FASTag.
FASTags do not have any expiry date, hence, they can be used as long as they are not tampered with and are readable at the toll plazas.
How to buy a FASTag?
There are several authorized banks that are facilitating the purchase of FASTag, even UPI-based payment apps too provide FASTag facility. It can also be bought from Paytm or NHAI centres that have been set up near major toll plazas.
Required documents
Copy of your valid driver’s license (as an address proof and photo ID), the registration certificate of the vehicle, and passport size photo. Documents like Aadhaar or passport or PAN for KYC.
How to recharge a FASTag?
If the FASTag is directly linked to a bank, the toll tax amount will be automatically deducted from the user’s account. If it’s linked to a mobile payment system, the e-wallet will have to be recharged in advance using transactions like UPI, credit or debit card, or net banking. Also, a minimum balance will have to be maintained in the e-wallet.
What are the charges for FASTag?
FASTag has a one-time fee of Rs 200, a Reissuance fee of Rs 100, and a refundable security deposit of Rs 200. (Note: The security deposit may vary depending on vehicle type.) The MRP of Paytm FASTag is Rs 500.
How many FASTags can be used?
FASTag is linked to the vehicle’s registration number, hence you cannot use one FASTag for multiple vehicles or multiple FASTags for one vehicle. If you have more than one car then you have to buy separate FASTags for each of them. However, if needed, you can get one FASTag deactivated and apply for a new one.
How can FAStag be applied for new vehicles which are yet not registered?
For new vehicles that don’t have a registration certificate yet, FASTag can be applied on the basis of Chassis Number or VIN (Vehicle Identification Number).
Which highways accept FASTag?
All the 615-odd toll plazas of NHAI and in addition 100 toll plazas of state highways have adopted FASTags for toll collection. The number will increase gradually. All the lanes on national highway tolls plazas have now become FASTag lane.
What are the benefits of using FASTags?
The government is offering 2.5 per cent cashback on toll payments on using FASTag at toll plazas. Also, SMS and email alerts are sent to the user’s phone for toll transactions, low balance, etc. An online portal is also available which provides transaction history and other details about the FASTag.