SEPT – 15: NEWS FLASH
Doctorâ€™s prescriptions in capital letters
Physicians have been directed to prescribe drugs with generic names in legible and capital letters under amended rules in Indian Medical Council Regulations, 2002. Illegible prescriptions by doctors may lead to serious implications and even death in certain cases.
According to the Health Minister, the Central government has decided to amend the regulations â€œproviding therein that every physician should prescribe drugs with generic names in legible and capital letters and he/she shall ensure that there is a rational prescription and use of drugsâ€.
Consumer friendly insurance laws
Penalties ranging from up to Rs. 1 crore to Rs. 25 crore will now be levied for various violations including mis-selling and misrepresentation of policies by agents and insurance companies as per the recently amended insurance laws.
Multi-level marketing of insurance products has been disallowed to curtail the practice of mis-selling of policies. The process for payment to the nominee of the policyholder is also easier now. The Insurance Regulatory and Development Authority of India (IRDAI) will now regulate the eligibility and qualifications of insurance agents.
Banks to display loan rates on their websites
Consumers can now compare all costs and terms and conditions before making borrowing decisions for availing home, auto or personal loans. The Reserve Bank of India (RBI) had instructed all scheduled commercial banks to display on their website the interest rate range of contracted loans for the past quarter along with mean interest rates with effect from 1 April 2015.
The total fees and charges applicable on various types of loans should also be disclosed at the time of processing of loan as well as displayed on the website. Banks have been asked to provide a clear and concise one page fact sheet of terms and conditions to all individual borrowers in a prescribed format.
Celebrity endorsements to be restrained
The Advertising Standards Council of India (ASCI) has been asked by the government to monitor advertisements appearing with respect to food and beverages (F&B) across print and electronic media and initiate action. Celebrities will now have to think twice before endorsing food supplements and misleading consumers by making tall claims for the products without adequate scientific justification.
F&B advertisements that violate the Food Safety and Standards Act and regulations, making unsubstantiated claims that may mislead consumers, are to be brought to the notice of the Food Safety and Standards Authority of India (FSSAI) for action.