Tuesday, December 1, 2020

Motor vehicle, health insurance validity extended till April 21 amid COVID-19 lockdown

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The government of India has now extended the timeline for the renewal of motor vehicle third party insurance and health insurance until 21st April 2020 amid continued 21-day lockdown in the country.

The Ministry of Finance has issued a notification which states that it has allowed third party motor insurance premium dues falling during the span of lockdown across India that had started from March 25, to be continued till April 14, to be paid on or before April 21 for the renewal of the policy and no penalty shall be charged on the same.

The notification further read that the (delayed) payment will also “ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal.”

The government has also ensured that the health insurance policyholders who had to remit their premium renewal during the period of the lockdown are deferred.

The latest reforms in compliance measures for insurance customers were initiated after the finance ministry had implemented similar deferral measures in the performance of statutory duty in respect of direct tax and indirect tax last week.

The 21-day lockdown was imposed in the country last month by Prime Minister Narendra Modi to control the COVID-19 pandemic in India.

The deadly coronavirus which started in Wuhan, China has led to the death of 50 people and 1,950 people affected so far in India.

The government in its latest submission has also announced that the last date for filing of
Income tax return for FY2018-19 has been extended to 30th June 2020 and on the same delayed payments’ interest rate has been cut from 12% to 9%.

Lastly, the government has also directed the extension of the last date for linking PAN with unique biometric ID Aadhaar to 30th June 2020 from 31st March 2020.

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