According to the Motor Vehicles Act of 1988, the new owner must report the transfer to the Regional Transport Office or other authorities concerned within the specified period. The period prescribed for reporting a transfer of ownership is 14 days after the sale or transfer date.
A person who fails to report a transfer of ownership within a prescribed period could face legal consequences. Specific penalties vary by state, but in general, they are:
- Fine: Depending on the seriousness of the infraction, the fine for failing to register the transfer of ownership of a vehicle within the required time frame can range from Rs. 500 to Rs. 2,000.
- Transfer of Liability: Even if the new owner was not the vehicle owner when the offence occurred, they may still be responsible for future financial or legal liabilities.
- Legal action can be taken in the case of repeated or severe violations. This could lead to imprisonment or suspension.