Rajya Sabha passed the Motor Vehicles (Amendment) Bill 2019 on July 31. The bill was approved in Lok Sabha on July 23.
The upper house of the Parliament witnessed a heated debate as opposition members questioned the government’s haste in getting the bill passed.
The Bill proposes the development of a National Transportation Policy by the Centre to set up guidelines for the transportation of goods and passengers.
It will simplify the third party insurance for motor vehicles. It empowers the Centre to prescribe minimum premium and corresponding liability of the insurer for such policy.
The compensation to accident victims has been raised to five lakh rupees in case of death and 2.5 lakh rupees in case of grievous injury.
The Motor Vehicles (Amendment) Bill, 2019 includes setting up a National Register for Driving License to avoid duplication of licenses.
The Bill has also increased the time limit for renewal of driving licence from one month to one year before and after the date.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!