Motor Vehicles Act in India

On appeal against decisions of the Accident Claims Tribunal and the Allahabad high court, the supreme court of India has made a number of reinterpretations of the Motor Vehicles Act (MVA). Interest of compensation has been reduced from 18% to 9%, bringing it in line with that paid by the nationalised banks on fixed deposits. Controversially, this has been applied to the case at issue, involving New India Assurance, arising from an accident 13 years ago when the interest rate was high.