New Delhi: The full Election Commission on Saturday called on President Ram Nath Kovind and handed over the list of 542 newly-elected members of the Lok Sabha that will enable him to initiate the formal process of new government formation. Chief Election Commissioner Sunil Arora and the other two Commissioners, Ashok Lavasa and Sushil Chandra, met the President at the Rashtrapati Bhavan and gave him a copy of the notification issued by the poll body in terms of provisions of the Representation of the People Act containing the names of MPs elected in the just-concluded polls. Also Read – Pak activated 20 terror camps & 20 launch pads along LoC While the notification sets in motion the constitution of the 17th Lok Sabha, the list given to the President enables him to initiate government formation process. On Saturday evening, newly-elected MPs of the National Democratic Alliance are likely elect Narendra Modi as its leader. After this, a delegation of leaders of the BJP and its allies is expected to call on the President and convey to him their choice of Modi as Prime Minister following which he will be invited to form the government. The BJP has secured majority on its own in the elections by winning 303 seats. Elections were held in 542 of the 543 seats. The election in Vellore Lok Sabha seat was cancelled by the EC citing abuse of money power. A fresh date is yet to be announced.
However, the credit market is now remarkably different and SMMT believes that the current voluntary termination provisions are no longer necessary and play no effective role in consumer protection law. The voluntary termination provisions are taken from an old piece of legislation which was set up to protect the consumer from unfair contract terms. The Consumer Credit Act 1974 permits a customer who has purchased goods on hire purchase or conditional sale agreements to hand back the goods to the finance company, without further liability, providing that 50 per cent of the total amount has been paid. Responding to a DTI consultation on voluntary terminations of hire purchase and conditional sale agreements, SMMT has called for a level playing field for all forms of lending and a system which offers more protection for vulnerable consumers. SMMT strongly recommends an end to voluntary termination provisions, calling the credit rules outdated and open to abuse. A major review of consumer credit legislation, undertaken by DTI, will change the framework within which voluntary terminations operate and provide more explicit and effective consumer protection. These measures include greater transparency in advertising, agreements and in the provision of information, as well as to make early settlements fairer. It also stipulates a reform in the licensing regime and enforcement powers of the OFT and an improvement in consumer redress by introducing an alternative dispute resolution mechanism. In addition, as the number of voluntary terminations increase, the residual values of all vehicles decreases, reducing vehicle equity for all owners. The abuse of the current voluntary termination costs the industry around £80 million which has subsequently increased the cost of providing this type of finance to the consumer. In response to the consultation, Christopher Macgowan, chief executive of SMMT said, ‘ The do nothing option in the DTI’s consultation is not feasible in a modern, fair and efficient credit market. To increase the remaining recovery amount to 75 per cent is merely replacing one set of arbitrary values with another. The removal of voluntary termination provisions is the only solution with viable benefits to the consumer and the industry.’ Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more