Speed Post Services

                   The Department of posts has introduced One India One Rate of Rs.25/- per article in respect of Speed Post articles weighing upto 50 gms, which includes service tax and education cess with effect from June 11, 2007. The rate for local Speed Post article weighing upto 50gms, however, is Rs.12/- only per article inclusive of service tax and education cess.


  Foreign Exchange Services
         
        Department of Posts has tied up with HDFC Bank Ltd to provide foreign exchange service in select Post Offices across the country. Department of Posts has been given ‘Full Fledged Money Changer’s License’ by Reserve Bank of India under Foreign Exchange Management Act 1999 to undertake money changing business. Based on the license, Department of Posts is providing foreign exchange services through 122 Post Offices across the country.


           Expansion of Foreign Exchange services is an ongoing process and it is based on the approval from RBI, customer demand and other business requirements.
source:PIB

Insurance Firms to pay for pillion riders too

            Families of pillion riders of two-wheelers and car passengers who die in road accidents will now be eligible for monetary compensation from insurance companies, thanks to the Delhi High Court.
         There is only one caveat: the vehicle must be insured.
         Formulating a new comprehensive insurance policy for vehicles, Justice J.R. Midha asked the insurance companies to strictly follow the guidelines to cover pillion riders and passengers of cars and other vehicles.
        The court gave the ruling after hearing an appeal by Yash Pal Luthra seeking higher compensation on account of his 24-year-old son's death in the capital in 2006 while riding the pillion of a motor vehicle.
         The Motor Accidents Claims Tribunal (MACT) had earlier agreed with the insurance company's contention that it was not liable for the pillion rider.
        The tribunal had asked the motorcycle owner to pay over Rs.453,000 to the Luthra family.
      The Delhi High Court has reversed the tribunal's ruling.
      "It is clear that the comprehensive policy of a two-wheeler covers a pillion rider and the comprehensive package policy of a car covers the occupants," the court said.
       Seventeen insurance companies admitted their liability in respect of the occupants of a private car and the pillion riders of a motorcycle under a comprehensive insurance policy.
       Following this week's high court judgement, all accident cases pending in different courts in Delhi will have to adhere to the new guideline.
        Insurance companies have also agreed to withdraw all the appeals filed by them before various high courts in the country on this aspect.
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