New Delhi, March 26 (IANS) With the Indian government imposing a nationwide 21-day lockdown to combat COVID-19, leading tech giant Apple's manufacturing partners have temporarily shut manufacturing in India till further notice from the government.
Apple's manufacturing partners Foxconn and Wistron have temporarily closed their production facilities keeping the safety of the workers and comply with the government's decision at their manufacturing plants.
Local industry sources confirmed to IANS on Thursday that production at Foxconn and Wistron facilities has temporally been suspended as per the government's lockdown notification and instructions from local authorities.
Apple supplier Wistron assembled low-end iPhone SE (now discontinued) and is now assembling iPhone 6S and iPhone 7 at its Bengaluru facility. The highest-selling iPhone XR is now being manufactured at Apple supplier Foxconn's facility in Sriperumbudur, Chennai.
Both Foxconn and Wistron are also the key manufacturing partners to many other companies apart from Apple, including Xiaomi.
Samsung has already shut its Noida manufacturing factory and offices owing to the lockdown.
"At Samsung, health and safety of employees is our highest priority. As a measure to safeguard our employees and their families against Covid-19 and in compliance with directives from the government, we have decided to currently suspend our manufacturing operations and have asked employees at our sales, marketing and R&D offices across India to work from home," said Partha Ghosh, Head, Corporate Communications, Samsung India.
Several other smartphone makers are also impacted due to the nationwide lockdown including the likes of Xiaomi, LG, Motorola, Vivo, Oppo and Realme and have suspended production.
India is currently under a strict lockdown for 21 days, starting from Tuesday midnight, to break the novel coronavirus cycle as cases continue to spread.
New Delhi, Jan 24 (IANS) The committee constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has recommended direct payment of insurance premium to the insurance company while purchasing a vehicle, thereby suggesting separate payments for both buying the vehicle and the premium.
The Committee for Review of MISP (Motor Insurance Service Provider) Guidelines examined the current practice of collecting the premium payment from the customer while soliciting the motor insurance policy.
"The customer should make payment to the insurance company directly which is facilitated by the MISP. MISP shall not collect the insurance premium amount in its own account and then transfer the same to the insurance company," its report said.
As per the panel, there is lack of transparency in the cost of insurance premium when the customer buys the vehicle for the first time through the dealer as the customer pays one single cheque or payment for the cost of the vehicle and the insurance premium.
The MISP then pays through the insurance intermediary or directly to the insurance company through his own account. The customer does not know the insurance premium being paid as it is subsumed in the cost of the vehicle.
"This lack of transparency is not in the interest of the policyholder's interest as the true cost of insurance is not known to the customer. The customer may not be aware of the coverage options and discounts available in the process," it said.
The committee also noted that the customer cannot negotiate with the MISP to get the best coverage at the optimal price.
"There are also instances, where the policies are cancelled immediately after issuance refunding the premium. In cases, where MISP is making the payment through its account, the sources of funding is not known to the insurer and may also lead to possible anti money laundering activities," it added.