Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
  
Vehicle savings account and its advantages
Vehicle savings accounts hold the ownership rights of all vehicles that move on the surface, on water and in the air. This is the combined ownership rights account for all types of moving vehicles a person owns in the entire country.

I suggest central government should issue Vehicle Savings Accounts for all citizens to own ownership rights of any moving vehicle. These vehicle savings accounts should be handled by banks. There should be one Vehicles Savings Account for one individual for holding ownership rights of all vehicles which are bought anywhere in the country. This is portable Vehicle Savings Account that can be shifted from any bank to other bank at any time with the same account number.

What is Vehicle Savings Account?

Vehicle savings accounts hold the ownership rights of all vehicles that move on the surface, on water and in the air. This is the combined ownership rights account for all types of moving vehicles a person owns in the entire country.

What are the advantages of Vehicle Savings Account?

The ownership right(s) of a vehicles or vehicle belonging to a person will be registered in his/her vehicle savings account.

There will be no paper documents separately for each vehicle a person owns.

There will be no need to carry c-book along with the vehicle when a person drives it.

Total number of all registered vehicles from all Vehicle Savings Accounts will be known at any given point of time.

Insurance payments, road taxes, toll taxes can be paid through banks by these Vehicle Savings Accounts. Non payment of all the above said taxes for vehicles can be easily known and this data will be available to traffic police departments so that they can stop only the non-tax compliant vehicles and spare the tax paid vehicles. So, prompt taxpaying vehicle owners will have unhindered journeys on roads without being stopped by the traffic police.

How and who will operate these Vehicle Savings Accounts?

Banks should be allowed to operate Vehicle Savings Accounts. In case of purchase/selling of vehicles, the transfer of ownership rights of vehicles from one person's account to another person's account will be done by banks. That means there would be no need to have transport departments separately for each State for registration and transfer of vehicles.

The vehicle manufacturers and dealers should also have Vehicle Savings Accounts. The vehicles made by a manufacturer will go into his/her Vehicles Savings Account. Then the ownership rights of these vehicles will be transferred to dealers' Vehicle Savings Accounts. Then the ownership rights of these vehicles will be transferred from dealer's Vehicle Savings Account to the buyer's Vehicle Savings Account. All these ownership transfers will be handled by banks just like money transfers.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
COMMENTS (0)
Guest
Name
Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
}
Sign in to set your preference
Advertisement
merinews for RTI activists


Advertisement
Not finding what you are looking for? Search here.