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Pre-owned Vehicles: Govt Issues Draft Proposals To Ease Sale, Purchase of Registered Vehicles
IANS 15 September 2022
Economy & Nation
With a view to regulate the pre-owned vehicles market in the country, the ministry of road transport and highways (MoRTH) has issued a draft notification to promote ease of doing business and transparency in the sale and purchase of registered vehicles through dealers.
 
The pre-owned car market in India has been gradually gaining ground. In recent years, the advent of online marketplaces, which are involved in buying and selling of pre-owned vehicles, has further given a boost to this market.
 
In the current ecosystem, many issues were being faced, including during transfer of vehicle to subsequent transferee, disputes in regard to third-party damage liabilities, difficulty in determination of defaulter, etc.
 
MoRTH has proposed amendments in Chapter III of Central Motor Vehicle Rules, 1989, to build a comprehensive regulatory ecosystem for the pre-owned car market.
 
The key provisions of the proposed rules include an authorisation certificate for the dealers of registered vehicles to identify the authenticity of a dealer. Furthermore, the procedure for intimation of delivery of vehicle between the registered owner and the dealer has been detailed.
 
The powers and responsibilities of a dealer in possession of registered vehicles have also been clarified. Dealers have been empowered to apply for renewal of registration certificate/renewal of certificate of fitness, duplicate registration certificate, NOC (no objection certificate), transfer of ownership, of motor vehicles in their possession.
 
As a regulatory measure, maintenance of an electronic vehicle trip register has been mandated which would contain details of the trip undertaken, viz., trip purpose, driver, time, mileage, etc.
 
According to the ministry, these rules are expected to aid in recognising and empowering intermediaries/dealers of registered vehicles as well as provide adequate safeguards against fraudulent activities to the selling or purchasing of such vehicles.
 
Comments and suggestions have been invited from all stakeholders within a period of 30 days.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
vijay.merchant
1 year ago
We have a serious concern as we were having a-Car Insurance policy with Tata AIG and sold our car to Spinny in July . When we asked for refund of 11 months unused policy premium Tata does not refund stating we must ask dealer Spinny for proof of insuring the car as Tata will not cancel policy of our car. The dealer states they have not bought car with our old Tata policy , they are not bound to insure and only when the get buyer for our car in next 180 days the new buyer will be asked to insure. How can we be responsible for this. We sold car and have delivery note and payment and have not transferred our insurance policy to anyone. The government must plug the loop hole Dealers must insure and provide proof to original car owner to allow cancellation of his policy with Tata. This way the insurance company and car dealer cannot prevent refund of unused car policy premium to original owner. How can car dealer hold the car without insurance for 180 days & avoid insuring car bought from us and allow Tata to avoid rightful refund of eleven months premium to us the original car owner.
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