Business
Madras HC keeps bumper-to-bumper insurance order in abeyance
The Madras High Court on a representation of the non-life insurance sector body, the General Insurance Council, has kept its earlier order in abeyance on the compulsory bumper-to-bumper insurance cover for five years for all new cars and two wheelers.
Last month, the Madras High Court by an order made the costly bumper-to-bumper insurance cover compulsory for all new private cars sold from September 1, 2021.
The General Insurance Council in its representation while saying that non-life insurers are prepared to comply with the court’s order also pointed out that they are merely distributors of the products approved by sectoral regulator Insurance Regulatory and Development Authority of India (IRDAI).
The Council also requested the court for 90 days’ time to effect changes in their computer systems after due approval for IRDAI.
The court on its part on Wednesday ordered, Council and IRDAI as necessary parties to this case, in addition to making the Additional Chief Secretary, Transport Department, Chennai and the Joint Transport Commissioner (R), Chennai as Respondents.
The state government on August 31 had issued a circular ordering vehicle registering offices to abide by the court’s order making it compulsory for new cars and two wheelers to have bumper-to-bumper insurance cover at the time of registering the vehicles.
Vehicle insurance policies are two parts — own damage (insurance for the vehicle against damage, theft) and third party liability (liability for third parties).
The third party insurance cover is mandatory whereas the insurance cover for vehicle damage is not mandatory.
The Madras High Court order is for making insurance cover for vehicles mandatory.
Commenting on the lack of awareness on the part of car owners about the liability for occupants of the car the court while hearing a case had ordered: “Therefore, this court directs that whenever a new vehicle is sold after 01.09.2021, it is mandatory for coverage of bumper-to-bumper insurance every year, in addition to covering the driver, passengers and owner of the vehicle, for a period of five years.”
“Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper-to-bumper policy, due to its non-availability,” the had court ordered.
“It is a patently untenable order (court’s order) and would not stand legal scrutiny if the vehicle makers or any other aggrieved party goes on appeal,” D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, had told IANS.
One of the interesting points in the court’s order issued on Wednesday is that it clarifies bumper-to-bumper insurance as a package policy.
A bumper-to-bumper insurance is generally termed as an insurance cover where the claims for parts are settled without applying depreciation whereas in the case of package policy or comprehensive policy, claims are settled after applying depreciation on replaced parts.
Business
Nifty, Sensex see firm recovery after RBI’s support to rupee

Indian equity benchmarks posted a firm recovery, sustaining gains for the second week as investors looked past early inflation worries, especially after the central bank’s special dollar window for oil marketing companies helped the rupee rebound.
Nifty added 2.78 per cent during the week and gained 0.65 per cent on the last trading day to reach 23,146.
At close, Sensex was up 413 points or 0.56 per cent at 74,729. It gained 3.11 per cent during the week.
Market sentiment was dented earlier in the week by consumer inflation hovering near the upper end of the Reserve Bank of India’s tolerance band and a hotter‑than‑expected wholesale price index print that pushed benchmark bond yields to multi‑year highs.
The central bank raised the daily cash reserve ratio maintenance requirement to absorb surplus liquidity, adding to caution. Market confidence, however, improved after the central bank’s special dollar window for oil marketing companies and tighter hedging norms drove a rupee-rebound, analysts said.
“Expectations of a review of LTCG tax and STT, softer crude prices and easing bond yields further revived risk appetite, prompting investors to tilt towards counters with strong Q2FY27 business updates, though the rally remained concentrated in large-caps, with mid-caps posting modest gains and small-caps ending marginally lower,” they added.
“Participants should remain selective, maintain disciplined position sizing and favour a hedged approach amid elevated macroeconomic and earnings-related uncertainty,” the experts said.
Information technology (IT) sector emerged as the standout performer on robust earnings and upbeat management commentary, while healthcare and pharmaceuticals lagged as investors favoured sectors with stronger near-term earnings visibility.
Meanwhile, fast‑moving consumer goods stocks came under pressure amid concerns over margin compression from elevated input costs.
Broad market indices performed largely in line with the benchmark indices as Nifty Midcap100 added 0.58 per cent and Nifty Smallcap100 dipped 0.12 per cent during the week.
In addition, foreign institutional investors (FIIs) turned net buyers of Rs 11.66 billion in Indian equities on Friday after overall selling eased sharply this week as market sentiment improved.
FIIs remained net sellers for the ninth straight week but their weekly selling moderated to Rs 89.91 billion from Rs 302.94 billion the previous week. On the other hand, domestic institutional investors (DIIs) stayed net buyers for a ninth consecutive week at Rs 78.13 billion, though they were net sellers of Rs 36.61 billion on Friday.
The sustainability of the recovery will hinge on earnings growth broadening beyond IT with revenue and margin delivery across financials, consumption and industrials under close scrutiny, analysts said.
Investors are keen on India’s October PMI that will offer insight into domestic demand momentum, while US jobless claims and Japan’s inflation print will shape global rate expectations.
Business
Japanese delegation visits MLFF tolling system near Delhi

A Japanese delegation visited the Multi-Lane Free Flow (MLFF) tolling system in Mundka-Bakkarwala on Friday on the sidelines of the 12th India–Japan Joint Working Group Meeting on Roads and Road Transportation.
The MLFF system provided insights into India’s technology-driven initiatives for seamless and efficient highway travel.
At the MLFFs, the National Highways Authority of India (NHAI) uses a combination of RFID-based FASTag electronic toll collection, automatic number plate recognition (ANPR) and AI analytics to allow vehicles to pass through charging points without stopping, slowing down or remaining in a designated lane.
MLFFs have already been installed at Choryasi in Gujarat, Mundka in Delhi, Gharaunda in Haryana and Daulatpura and Manoharpura in Rajasthan.
While 12 further locations have been awarded for conversion, tenders have also been launched covering an additional 104 toll plazas around the country.
The MLFF at Choryasi on the Surat–Bharuch section of NH-48 was the first to become operational.
The one at Mundka on Delhi’s Urban Extension Road-II was the second.
The expansion plan represents a significant shift from India’s traditional barrier-based toll plazas.
Rather than moving immediately to satellite-based toll collection, the Indian government has opted to build on the country’s established FASTag system and combine it with ANPR and AI.
Expert committees had recommended further consideration of GPS-based barrier-free tolling because of security, privacy and operational control issues, the Ministry of Road Transport and Highways has indicated.
FASTag and ANPR/AI was thus selected as the technology for the current MLFF programme.
The session of the India–Japan Joint Working Group on Roads and Road Transportation Sector was successfully held at Bharat Mandapam in New Delhi.
Discussions focused on advanced construction technologies, bridge and tunnel engineering, sustainable infrastructure and digital innovations, fostering the exchange of technical expertise and best practices.
“The meeting reaffirmed both nations’ commitment to safe, sustainable and technology-driven road infrastructure, aligned with the vision of Viksit Bharat @ 2047,” the Ministry said in a statement.
Business
India-US trade deal 98-99 percent done: US official

Washington, Oct 16: A long-awaited trade agreement between India and the United States is almost complete, with only one or two per cent of negotiations remaining, a senior US official said, signalling that the two countries are approaching a breakthrough after months of high-level discussions.
The official said the biggest issues had already been resolved and that negotiations were continuing at the highest political levels, including between President Donald Trump and Prime Minister Narendra Modi.
“The biggest items have been settled. I mean …., it’s pretty much done. We have that one, one or two per cent left,” the official told reporters during a State Department briefing on Friday.
The remarks came ahead of Secretary of State Marco Rubio’s scheduled visit to India, where he will hold discussions with Indian government officials and leading business executives in Mumbai and Jamnagar.
The official said the two governments remained in constant contact over the proposed agreement.
“We are actively engaged every single week,” the official said, adding that high-level discussions on the trade deal were taking place regularly.
The official cited recent diplomatic engagements involving US Trade Representative Jamieson Greer, India’s Commerce Minister Piyush Goyal and conversations between Trump and PM Modi as evidence of the momentum behind the negotiations.
However, the official also identified a significant complication that had delayed the agreement.
An earlier understanding had been linked to the International Emergency Economic Powers Act, or IEEPA, but the legal framework had to be reconsidered after the law was struck down, according to the official.
The development forced negotiators to revisit elements of the proposed agreement and contributed to several additional months of discussions.
Despite those complications, the official expressed optimism that the remaining differences could be resolved soon.
Rubio is scheduled to travel first to Uzbekistan for meetings with Central Asian leaders before proceeding to India.
In Mumbai, he will meet Indian government counterparts and senior executives from some of the country’s largest companies.
The official said the decision to visit Mumbai rather than New Delhi reflected the administration’s growing emphasis on commercial diplomacy and Indian investment in the United States.
Rubio will also travel to Jamnagar.
The official said Washington was seeking closer engagement with India across information technology, pharmaceuticals, defence cooperation and other sectors.
Further visits by senior American Cabinet officials are also anticipated next year as both governments seek to expand bilateral engagement.
-
Crime4 years agoClass 10 student jumps to death in Jaipur
-
Maharashtra2 years agoMumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra2 years agoMumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra2 years agoFalse photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News2 years agoMinistry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra2 years agoMaharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News2 years agoJ&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface
-
Crime2 years agoBaba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
