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<ul><li>Shares of some Indian automobile companies have lost over 40% of their value since the start of the year.</li><li>Car makers have been the worst hit by the slump in demand triggered by slump in the Indian economy that has hit consumption.</li><li>The Narendra Modi government's rush to get people to move to electric cars is making business worse for makers of traditional cars that run on fossil fuels like petrol and diesel.</li></ul>Indian car makers are in dire straits. Sales have been falling for eight straight months now with no respite in sight. A weaker economy, rising unemployment and pessimism among consumers have led to a steady fall in demand for discretionary products like cars. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The crisis has cost investors too. Share prices of car makers, which include some of the marquee names of corporate India, have lost a lot value-- some of them over 40% -- since the start of 2019. And now, there is more bad news that has taken the wind out of auto stocks like Ashok Leyland, Maruti Suzuki, Tata Motors, and M&amp;M today. <table style="width: 169pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:73pt">Stock</td> <td class="xl71" style="border-left-width: initial; border-left-style: none; width: 48pt;">July 29</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 48pt;">Last 1 Year</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Ashok Leyland</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-3.44%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-35.95%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Maruti Suzuki</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-3.75%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-40.48%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tata Motors</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-5%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-45.94%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">M&amp;M </td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.60%</td> <td class="xl74" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-39.23%</td> </tr></tbody></table> The government wants more Indians to adopt electric vehicles, and dump their old cars that run on fossil fuels like petrol and diesel. Electric cars may be better for environment but there are many concerns including the feasibility for customers and the availability of infrastructure to name a few. The government has cut the <a href="https://www.businessinsider.in/gst-council-slashes-tax-on-evs-and-ev-chargers/articleshow/70407724.cms" data-type="tilCustomLink" target="_blank">goods and services tax on electric cars</a> to less than half and <a href="https://www.businessinsider.in/union-budget-2019-indian-government-announces-tax-subsidy-for-purchasers-of-electric-vehicles/articleshow/70091003.cms" data-type="tilCustomLink" target="_blank">offered tax rebates</a> on interest paid loans taken to buy electric cars, aside from setting aside <a href="https://www.businessinsider.in/electric-vehicles-policy-under-fame-ii-offers-incentives-for-local-manufacturing-and-subsidies-for-buyers/articleshow/68314114.cms" data-type="tilCustomLink" target="_blank">a ₹100 billion earlier this year</a> to incentivise electric car manufacturing in India. 
 
 
 
 
 
 <div type="ExtQuote" text="While the EV segment is still facing challenges of limited product availability, charging infrastructure constraints and product viability issues, the government is stepping up its efforts to kick-start its adoption, and appears willing to raise the regulatory burden on conventional vehicles to incentivise the former." auname="CLSA (a global broking house)"></div>











 More bad news The Ministry of Road Transport and Highways has come up with a draft policy to promote old car owners to scrap their vehicles in exchange for free registration for a new car. However, for those who can't avail the incentive, the registration fee will rise up to 40 times. <table style="width: 321pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl64" style="height:15.0pt;width:137pt">Proposed Fees</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 86pt;">New Registration</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 26pt;">Hike</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 46pt;">Renewal</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 26pt;">Hike</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Two-wheeler</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹2,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">40x</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Three-wheeler</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹10,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">33x</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Private car</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">8x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹15,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25x</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Taxi</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹10,000</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">10x</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹20,000</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20x</td> </tr> <tr> <td class="xl69" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Medium and heavy vehicles</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹20,000</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13x</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹40,000</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">26x</td> </tr></tbody></table>Source: <a href="https://www.rushlane.com/new-car-registration-free-12318654.html" data-type="tilCustomLink" target="_blank">Rush Lane</a> "The government also intends to increase the cost of ownership of old vehicles by raising charges for their registration renewal. We, however, believe the above policy measures will be unable to trigger much replacement demand and hence are unlikely to provide much of a boost to auto demand. First, the number of vehicles that are older than 15 years and still in active use is very limited. The owners of such vehicles will usually have limited financial capability to buy new or other vehicles in the secondary market (even if incentives are transferrable), and hence are less likely to go for this voluntary scrappage scheme," CLSA explained. Car makers have had to offer deep discounts to bring people into showrooms. These discounts are far more than the incentive available on registration renewals and yet, they have failed to revive demand for cars. The policy squeeze will be an added burden on the companies. SEE ALSO: <a href="https://www.businessinsider.in/gst-council-slashes-tax-on-evs-and-ev-chargers/articleshow/70407724.cms" data-type="tilCustomLink" target="_blank">Buy electric vehicles for less now, GST council slashes rate from 12% to 5%</a> <a href="https://www.businessinsider.in/nissan-may-lay-off-over-1700-employees-in-india/articleshow/70389996.cms" data-type="tilCustomLink" target="_blank">Nissan may lay off over 1,700 employees in India as car sales slow down</a> <a href="https://www.businessinsider.in/Top-10-electric-cars-that-people-are-excited-about/Tesla-Model-X-507990-searches/slideshow/70404198.cms" data-type="tilCustomLink" target="_blank">Top 10 electric cars that people are excited about</a>

India's push for electric vehicles is haemorrhaging car makers

The <keyword id="82970" type="General" weightage="80" keywordseo="ministry-of-information-and-broadcasting" source="Orion">Ministry of Information and Broadcasting</keyword> has initiated a series of crucial amendments to the <keyword id="578796" type="General" weightage="50" keywordseo="cable-television-network-rules" source="Orion">Cable Television Network Rules</keyword>, 1994, aimed at streamlining the <keyword id="1172505" type="General" weightage="20" keywordseo="Multi-System-Operator" source="Orion">Multi-System Operator</keyword> (MSO) registration process and promoting infrastructure sharing with broadband service providers to expand internet access across the nation. According to the press release by the Ministry of Information and Broadcasting, MSOs are now required to apply for registration or the renewal of registration online, utilizing the <keyword id="13543655" type="General" weightage="20" keywordseo="Broadcast-Seva-Portal" source="Orion">Broadcast Seva Portal</keyword> of the Ministry of Information and Broadcasting. This move towards digital processes aligns with the government's commitment to facilitating business operations and reducing bureaucratic hurdles. MSO registrations will now be granted or renewed for a more extended period, specifically for ten years. This alteration provides greater stability and predictability for cable operators, enhancing the sector's appeal for potential foreign investments. A processing fee of Rs 1 lakh has been established for the renewal of registration, streamlining financial transactions and ensuring adherence to regulatory requirements. MSOs are required to apply for the renewal of their registration within a defined window, which spans from seven to two months before the current registration expires. This provision aims to prevent service interruptions and maintain continuity. These regulatory changes signify a shift from the previous rules, where only fresh MSO registrations were considered, and there was no specification regarding the validity period of MSO registrations, read the press release. The new framework is expected to foster a more business-friendly environment, enticing foreign investments and encouraging growth in the cable television sector. The Ministry of Information and Broadcasting has emphasized that MSOs with registrations set to expire within the next seven months must submit their renewal applications online through the Broadcast Seva Portal, read the release. For any required assistance, cable operators can utilize the helpline number available on the portal or reach out via email at sodas-moiab@gov.in. Furthermore, an additional provision has been introduced to allow cable operators to share their infrastructure with broadband service providers. This move is expected to yield two primary benefits: first, it will contribute to enhanced internet penetration, especially in remote and underserved areas, and second, it will promote the efficient utilization of existing resources, reducing the need for duplicate infrastructure for broadband services, read the release. These amendments signify a positive step towards modernizing and optimizing the cable television and broadband sectors in India. They align with the government's broader objectives of fostering a digital-first economy and expanding internet connectivity to even the remotest corners of the country. (ANI)

Indian govt introduces key amendments to cable TV network rules

New Delhi, May 10 () The much-awaited vehicle scrappage policy would help in curbing air pollution, reducing fuel consumption and curtailing fatalities in road accidents, while generating demand for new vehicles in the country amid the coronavirus pandemic, industry sources said. The proposed scrappage policy requires support from both the central and state governments, an industry source said. The governments at both levels would need to come together to make this programme successful by providing fiscal incentives for fleet modernisation, another industry source added. An incentive based mechanism will make the scheme lucrative and encourage people to scrap their old vehicles and replace them with new ones, he added. When contacted over the matter, SIAM President Rajan Wadhera told that the industry body has been engaging with the Government of India, requesting for an incentive-based scrappage policy with monetary incentives in the form of 50 per cent rebate in GST, road tax and registration charges. Similarly, SIAM Director General Rajesh Menon said an incentive based policy will help in mitigating pollution, improving road safety and conserving fuel. "And more importantly in the current context of impact of COVID 19 on the Indian auto sector, also could kickstart demand," he added. A vehicle scrappage policy is in the works for some time now. The policy aims to put a cap on the life of vehicles in terms of years run. Last week, Union Minister Nitin Gadkari had said that the scheme is likely to be finalised soon to boost the automobile sector. The proposed policy once approved, will be applicable on all vehicles including two and three-wheelers. Earlier, the policy was sent for a fresh round of consultation with stakeholders on the direction of the Prime Minister's Office. Gadakri had earlier said that once the policy is approved, India could emerge as a hub for automobile manufacturing as key raw material available from scrapping, like steel, aluminium and plastic are bound to be recycled, bringing down automobile prices by "20-30 per cent". The government on July 26, 2019 had proposed amendments to motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electric vehicles. In a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current time-frame of one year. The notification also provided that newly purchased motor vehicles will be exempted from payment of fees for registration certificate and assignment of new registration mark, if the purchaser produces scrapping certificate of the previously-owned vehicle of the same category issued by the authorised scrapping centre/agency. The government had first floated a draft voluntary vehicle fleet modernisation programme in May 2016, that proposed to take 28 million decade-old vehicles off the road. MSS RVK

'Vehicle scrappage policy to help generate demand for new vehicles amid coronavirus pandemic'

<ul><li>The Union <keyword id="6354750" type="UNKNOWN" weightage="20" keywordseo="health">Health</keyword> Ministry of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> has published draft rules for the sale of drugs by <keyword id="6522422" type="UNKNOWN" weightage="20" keywordseo="online-pharmacies">online pharmacies</keyword> in the country. </li><li>The draft proposes <keyword id="163506" type="ORGANIZATION" weightage="20" keywordseo="regulation">regulation</keyword> of the ₹30 billion e-pharmacy market and the privacy of user data held with them. </li><li>The registration and accountability of these firms is crucial to countering the phenomenon of fake medicines in India. </li></ul>India has been fighting a losing battle against counterfeit drugs. The phenomenon is not only present at hospitals and offline chemists, but also when buying from online pharmacies. In an attempt to handle at least one side of the problem, the Union Health Ministry <a href="https://tech.economictimes.indiatimes.com/news/internet/indias-health-ministry-comes-out-with-draft-rules-on-sale-of-drugs-by-e-pharmacy/65653523">published</a> the ‘Draft Rules on Sale of Drugs by E-Pharmacy’. The sunshine segment currently consists of around 282 e-pharmacies in India. The big names include Pharmeasy, Myrameds and Netmeds. And, while pharmaceutical sector has an upward trajectory overall, the subset of e-pharmacies is showing a growth rate in the double-digits. According to the Drug Controller General of India, the online pharmaceutical business is currently worth ₹30 billion. With the aim of regulating online pharmaceutical portals in India, the <keyword id="28351" type="ORGANIZATION" weightage="20" keywordseo="policy">policy</keyword> focuses on 2 key paradigms - accountability and consumers. Accountability In the most basic of requirements, the draft regulations state that no person or entity will distribute or sell, stock, exhibit or offer the sale of drugs through e-pharmacy portal until registered with the Central Drugs Standard Control Organisation (CDSCO). In order to register with country’s apex drug regular, individuals will have to file Form 18AA with the Central Licensing Authority along with a deposit of Rs 50,000 asserting that the registration holder will comply with the IT Act, 2000. This registration is essentially a 3-year license to operate an e-pharmacy. After that period, the companies will have to apply for a renewal. And no matter how many renewal cycles occur, the base of operations of any e-pharmacy will be inspected every 2 years by the Central Licensing Authority. After addressing the supply side of the business, the draft lays out regulations for the incoming demand as well. Whenever a consumer purchases a drug, the pharmacy must file a cash or credit memo through the pharmacy’s online portal. These memos serve as records for the pharmacy in case of problems down the road. And, no matter what the case, the sale of tranquillisers, psychotropic drugs, narcotics and habit forming drugs is prohibited with no exceptions. The ribbon on the package is if any e-pharmacy violates these regulations and requirements, it will lead to the suspension of their license and possible cancellation as well. Consumers The degree of privacy may be up for contention because, while patient details are to be kept confidential from other people or companies, government requests are an exception. Similar to the point on contingency that most people have with the draft bill of data protection, this draft also allows for data sharing if the state or central government come calling. Even the delivery of drugs is held accountable. When placing an order, patients will be able to specify the exact time when they’d like their medical delivery, and the e-pharmacy must adhere to that time line. In addition, online pharmacies are required to set up 24/7 call centers as a customer helpline to address grievances and doubts. These regulations, though not holistic, do implement some of the basic measures that should ideally be in place. As per the World Health Organisation (WHO), one is every 10 medical product in countries like India either substandard or fake altogether. The real danger doesn’t lie in their ineffectiveness but unintended adverse effects or allergies resulting in further illness or even death.

India looks to counter the epidemic of fake drugs through regulation of online pharmacies

<keyword id="107284" type="ORGANIZATION" weightage="100" keywordseo="housing-board">Housing Board</keyword>, India’s apex financial institution for housing, wants home-ownership costs in India to fall. For this purpose, it is holding talks with state governments, in a bid to convince them to cut stamp duties and registration fees. "We have engaged with some state governments on how they could reduce stamp duty for affordable housing," <keyword id="2940929" type="PERSON" weightage="100" keywordseo="Sriram-Kalyanaraman">Sriram Kalyanaraman</keyword>, MD of the <keyword id="152130" type="COMPANY" weightage="100" keywordseo="National-Housing-Bank">National Housing Bank</keyword> (NHB), told <a href="http://economictimes.indiatimes.com/wealth/real-estate/if-housing-board-has-its-way-stamp-duty-registration-fees-on-house-may-fall-to-5-6/articleshow/58451019.cms">ET</a>. "If they accept it, stamp duties and registration charges should come down significantly. Such a reduction will bring down their margin money and provide relief to many Indians, for whom owning a 'home' is still an aspiration." Also read: <a href="http://www.businessinsider.in/thelife/real-estate/indians-pay-too-much-interest-on-home-loans-reveals-study/articleshow/57936834.cms">Indians pay too much interest on home loans, reveals study</a> If the NHB successfully convinces state governments, stamp duties and registration fees might come down to 5-6% of the basic cost of the property. As of now, these rates go up to 12.5% in some states. This would also help the government in achieving its "<a href="http://www.businessinsider.in/markets/budget2016/infrastructure/real-estate/Housing-for-All-Budget-2016-expectations/articleshow/50901695.cms">Housing for All</a> by 2022" objective, started two years ago. Also read: <a href="http://www.businessinsider.in/PM-Modis-Housing-For-All-to-remain-adistant-dream/articleshow/46745016.cms">PM Modi’s ‘Housing For All’ to remain a distant dream?</a> In order to achieve the pre-set target, 29.5 million additional homes need to be built by 2022. As per Kalyanaraman, states can make up for their losses from reduced rates by the increases revenues from increased housing. "Alternative sources of revenue from the housing sector need to be looked at," said Soumya Kanti Ghosh, the chief economic adviser at the <a href="http://www.businessinsider.in/small-business/finance/are-you-a-sbi-card-user-get-ready-to-pay-rs-100-on-small-payments-via-cheque/articleshow/58243746.cms">State Bank of India</a>. "To compensate the proposed reductions (stamp duty and registration charges), state governments could explore imposing <a href="http://www.businessinsider.in/markets/budget2017/your-money/Budget-2017-here-are-vat-rates-of-india-china-uk-germany-and-brazil-find-out-which-country-has-the-highest-rate/articleshow/56759073.cms">value-added tax</a> on luxury items, and on goods such as liquor. Such reductions will not only give shelters millions but also create jobs."

Housing board might talk states into slashing stamp duty & registration fees on houses

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Google has <a href="http://arstechnica.com/security/2015/03/epic-google-snafu-leaks-hidden-whois-data-for-280000-domains/">accidentally leaked the personal details of more than 280,000 customers, Ars Technica reports</a>. The fault first appeared back in mid-2013 - but it has only recently been discovered and fixed, meaning people have been at risk for years.<a href="http://blogs.cisco.com/security/talos/whoisdisclosure">Identified by security researchers at Cisco</a>, the vulnerability affects websites registered via Google Apps for work, using the registrar eNom. The owners of the websites in question had all opted into "WHOIS privacy protection," which means that when someone WHOISes - or queries - the website, the personal details of the individual who registered it are hidden.You might use the service if you're an anonymous political blogger, or run a website about an embarrassing hobby - or are just particularly privacy-conscious.305,925 websites domains were registered this way - but Cisco found that 282,867 of them (94%) have had their personal details unmasked due to a fault in Google's code. Customers' leaked information includes "full names, addresses, phone numbers, and email addresses."Cisco first discovered the issue on February 19, 2015, two years after the fault first arose. After Google was notified, the search giant then fixed it around a week later, and notified customers last night. It's unclear how many customers seeking anonymity were unmasked as a result of this error.<a href="http://blogs.cisco.com/security/talos/whoisdisclosure">Cisco researchers write that</a> in addition to the direct threat that the operators of sensitive websites may face as a result of being unmasked, it also puts them at greater risk of fraud. Being able to send "targeted spear phish emails containing the victim's name address and phone number" could make attempts at fraud and identity theft more dangerous.Here's the message Google Apps customers received:Dear Google Apps Administrator,We are writing to notify you of a software defect in Google Apps' domain registration system that affected your account. We are sorry that this defect occurred. We want to inform you of the incident and the remedial actions we have taken to resolve it.When the unlisted registration option was selected, your domain registration information was not included in the WHOIS directory for the first year. However, due to a software defect in the Google Apps domain renewal system, eNom's unlisted registration service was not extended when your domain registration was renewed. As a result, upon renewal and from then on forward, your registration information was listed publicly in the WHOIS directory. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/police-google-change-waze-app-2015-2">Police are pleading with Google to ditch a feature in its Waze app that could help terrorists </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="djYzg3czptfgWc7WO8ybI7hsnwt6GXYv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Google accidentally leaked hundreds of thousands of customers' personal details - and didn't notice for 2 years

New Delhi, Mar 26 () The government on Thursday sought suggestions from the stakeholders for amending the motor vehicle rules, with a view to bring more reforms in the transport sector which includes issuance of online driving licence and recall of defective vehicles. The Ministry of Road Transport and Highways (MoRTH) has issued notifications seeking comments on use of electronic forms and documents including medical certificate, learners licence and surrender of driving licences. The MoRTH "has invited suggestions and comments from all stakeholders including general public on the proposed amendment in the Motor Vehicle Rules regarding registration of new vehicles, driving licences, and recall of old vehicles", the road ministry ministry said in a statement. Draft notifications to this effect had been issued on March 18, it said. The statement said that "one of the draft notifications ... covers ...use of Electronic forms and documents (Medical Certificate, Learners License, Surrender of DL, Renewal of DL), online learner's license, national register, dealer point registration and renewal of registration." Besides, it covers the issues regarding temporary registration for 6 months with extensions of 30 days, trade certificate - electronic, alteration, retro fitment to vehicles and adapted vehicles and insurance in cases of altered vehicles."The other draft Notification ... includes aspects like Recall Policy of defective vehicles, procedure for recall ...Role of Testing Agencies, Obligations of Manufacturers, Importers &amp; Retrofitters and Accreditation of Testing agencies," the statement said.The suggestions or comments can be sent to the ministry by April 17, it added. NAM MKJ

Govt seeks suggestions from stakeholders for online DLs, recall of defective vehicles, among others

<div class="KonaFilter image-container display-table"><div><div class="image on-image">John Moore / Getty Images</div></div></div><ul><li>The US Securities and Exchange Commission has filed charges against Robert H. Shapiro, alleging that he bilked investors - many of them senior citizens - out of $1.2 billion as part of a Ponzi scheme.</li><li>All remaining assets have been frozen as the SEC pursues its case, which includes charges of fraud and violations of broker-dealer registration provisions.</li></ul> The <a href="https://www.sec.gov/news/press-release/2017-235" target="_blank" rel="noopener">US Securities and Exchange Commission</a> has filed charges against a group of unregistered investment funds and their owner, alleging a $1.2 billion Ponzi scheme.Robert H. Shapiro is being accused of using a group of unregistered investment firms, collectively called the Woodbridge Group of Companies LLC, to defraud more than 8,400 investors - many of them senior citizens. Formerly headquartered in Boca Raton, Florida, the company allegedly promised to pay investors interest of 5% to 10% annually.Woodbridge claimed that its primary business was the issuance of loans to supposed third-party commercial property owners, which they said paid 11% to 15% annual interest. Yet the SEC's complaint alleges that the "vast majority" of borrowers were companies owned by Shapiro that had no income and never made such interest payments."Our complaint alleges that Woodbridge's business model was a sham," Steven Peikin, co-director of the SEC's Enforcement Division, said in a <a href="https://www.sec.gov/news/press-release/2017-235" target="_blank" rel="noopener">release</a>. "The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money."Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers," added Eric I. Bustillo, director of the SEC's Miami regional office. "Shapiro used the scheme to line his pockets with millions of investor dollars."Shapiro and Woodbridge are also accused of trying to keep investors from exiting their positions at the end of their terms, and in turn boasted of a 90% renewal rate in marketing materials. Further, they allegedly paid $64.5 million in commissions to sales agents who pitched the opportunities as "low risk" and "conservative" to potential clients.The complaint also alleges that Shapiro funneled $21 million to himself, then spent that on chartered planes, country club fees, luxury vehicles, and jewelry.The SEC is pursuing the case in the wake of the alleged Ponzi scheme's collapse in early December, which came as Woodbridge stopped paying investors and filed for Chapter 11 bankruptcy protection, the complaint said. The commission has also frozen all affiliated assets.Shapiro, Woodbridge, and certain related companies are being charged with fraud and violations of the securities and broker-dealer registration provisions of federal securities laws. As part of the proceeding, the SEC is pursuing the "return of the allegedly ill-gotten gains with interest and financial penalties."An initial court hearing has been scheduled for December 29, 2017. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-krugman-trump-stock-market-2017-12">PAUL KRUGMAN: Trump can't take credit for the soaring stock market</a></h3> <div> </div> </div>

The Feds say they just blew up a $1.2 billion Ponzi scheme aimed at thousands of elderly people in Florida

New Delhi, Dec 20 () Union Minister Nitin Gadkari on Friday said he will not allow driverless cars in India, which has a shortage of 22 lakh drivers.
 Speaking at an Assocham event here, the road transport and highways minister said, "Many times I am asked what about driverless car? Then I say till the time I am transport minister, you forget that. I will not allow driverless car to come in India."
 Stating that India has a shortage of 22 lakh drivers, Gadkari said there was a need for growth of employment as well as industry in the country.
 The minister also said vehicle scrappage policy was at the final stage, adding that "if we bring it then 100 per cent our cost will be reduced because raw material will be cheap and India will be world's number one manufacturing hub with regard to automobile manufacturing, e-vehicle...And if this happens then definitely it will contribute a lot to (USD) 5 trillion economy."
 The automobile industry at present is a Rs 4.5 lakh crore industry, the minister said.
 In May 2016, the government had floated a draft Voluntary Vehicle Fleet Modernisation Programme (V-VMP) that proposed to take 28 million decade-old vehicles off the road.
 A committee of secretaries (CoS) recommended to the ministry to redesign the scheme for greater participation of states with partial support from the Centre.
 The CoS had suggested that the scheme may dovetail a calibrated and phased regulatory approach for capping the life of vehicles together with stricter implementation of emission norms and accordingly a revised consultation paper got in-principle nod of the PMO.
 The government had in July this year proposed amendments to the motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electric vehicles. In a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current timeframe of one year.
 The notification also provided that newly purchased motor vehicles will be exempt from payment of fees for registration certificate and assignment of the new registration mark if the purchaser produces scrapping certificate of the previously owned vehicle of the same category. SID ABM

Will not allow driverless cars in India: Gadkari

New Delhi, Jan 9 () Food safety regulator FSSAI on Thursday appealed food business operators (FBOs) to be aware of fake websites being operated for providing registration and licensing services.
 The Food Safety and Standards Authority of India (FSSAI) also said it will not be responsible for loss or damage suffered by the FBO on account of deficiency of services by such websites.
 FBOs can apply for licence or registration only through the FSSAI portal.
 "FSSAI appeals to public to exercise care and caution while applying for FSSAI licence and registration as food business operator. Only FSSAI's licensing portal should be used for registration/ license application," FSSAI Chief Executive Officer Pawan Agarwal said in a statement.
 In case of need for any help, applicants may approach the regional offices of FSSAI or jurisdictional designated officer or food safety officer for guidance, details of which are available at www.fssai.gov.in, he added.
 FSSAI said it has come to its notice that a number of websites are operating with the domain name comprising the word 'FSSAI' along with suffix or affix 'registration', 'license', etc. Some of such websites also use the logo of FSSAI.
 The regulator has not authorised any entity to register its website with the domain name comprising the word 'FSSAI' or to use its name and logo, or represent FSSAI as such, it said.
 In the event that any one intends to avail the services of any such online websites for registration or licence as food business operator, it is advisable that background check of such third party should be carried out with regard to authenticity or reliability of its services, it added.
 FSSAI has also launched a Food Safety Mitra Scheme wherein Digital Mitras are being trained to assist FBOs for online filings related to licensing and registration, at nominal charges. LUX HRS

FSSAI asks food operators to be aware of fake websites

<keyword id="20163833" type="General" weightage="20" keywordseo="passenger-vehicle" source="keywords">Passenger vehicle</keyword> <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">retail sales</keyword> in India witnessed a 7 per cent on-year decline in June as severe <keyword id="19933152" type="General" weightage="20" keywordseo="heatwave" source="keywords">heatwave</keyword> conditions resulted in 15 per cent less showroom walk-ins, industry body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Friday. Overall passenger vehicle registrations stood at 2,81,566 units last month, as compared to 3,02,000 units in June 2023. "Despite improved product availability and substantial discounts aimed at stimulating demand, market sentiment remains subdued due to extreme heat resulting in 15 per cent less walk-ins and delayed monsoons," the Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement. Dealer feedback highlights challenges such as low customer inquiries and postponed purchase decisions, he added. Singhania also highlighted that inventory levels of passenger vehicles have reached an all-time high, ranging from 62 to 67 days. With the festive season still some time away, it is crucial for passenger vehicle Original Equipment Manufacturers (OEMs) to exercise caution, he stated. Effective inventory management strategies are essential to mitigate financial strain from high interest costs, Singhania stated. "FADA strongly urges passenger vehicle OEMs to implement prudent inventory control and engage proactively with the market," he added. Two-wheeler registrations rose 5 per cent year-on-year to 13,75,889 units in June. Factors such as extreme heat resulted in 13 per cent less walk-ins by probable customers in showrooms, Singhania said. Stalled monsoon and election-related market slowdowns particularly affected rural sales, which fell from 59.8 per cent in May to 58.6 per cent in June, he added. Commercial vehicle sales dropped 5 per cent to 72,747 units last month, from 76,364 units in June 2023. "The industry continues to face de-growth, impacted by high temperatures affecting the agricultural sector and infrastructural project slowdowns," Singhania stated. Tractor sales last month declined 28 per cent year-on-year to 71,029 units in June. While three-wheeler registrations rose 5 per cent to 94,321 units in June, as compared to 89,743 units in the year-ago month. Overall retail sales rose marginally year-on-year to 18,95,552 units in June. On the business outlook, FADA stated that for two-wheelers, the arrival of the monsoon is expected to provide a boost, although challenges such as agricultural cash flow constraints and regional market variations remain. In the passenger vehicle segment, high inventory levels and ongoing low market sentiment necessitate cautious management, the industry body said. Meanwhile, the commercial vehicle sector looks forward to potential growth driven by renewed infrastructure projects and seasonal demands, despite current slowdowns, it said. "Based on current market conditions, the overall rating for July auto retail performance is cautiously optimistic with a moderate outlook," FADA, which represents over 30,000 dealership outlets, stated. It stated that vehicle registration data for the month was collated from 1,567 out of 1,700 RTOs across the country. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms" target="_blank">Motorola Razr 50 Ultra flip phone launched in India for ₹99,999</a>

Passenger vehicle retail sales dip 7% in June as heatwave curtails showroom visits

New Delhi, March 27 () Vehicle owners will now have to provide their mobile numbers for availing any service related to registration of their vehicles, according to the government. The Ministry of Road Transport and Highways on Friday said it has amended the Central Motor Vehicles Rules, 1989 "to capture mobile numbers of the owners when availing any service relating to the registration of the vehicles". In this regard, a notification was issued last week for amending various forms, the ministry said in a statement. "These forms pertain to various aspects relating to motor vehicles like, registration, transfer, register of vehicles, renewal, duplicate copy, grant of NOC, change of address, entry or termination entry for hire / purchase / hypothecation, etc," it said. NOC is No-Objection Certificate. The ministry also said that as per the amended rules, vehicle owners would be required to provide their mobile numbers whenever they apply for availing any of the relevant services. NAM RAM

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