Motorcycle hit another motorcycle with no injury

What should a person shold do after a minor accident in which no injury to anyone. Incident:- I was on my way to home from college on my motorcycle(royal enfield classic 350). My speed was less than 60kmph(50kmph i think but not sure). There was a person (on tvs scooty pep plus) on middle of road taking turn to right (where his house is located on the roadside). His indicator signal was not on, but he showed a hand signal seconds before turning ( and he was not wearing helmet ). My motorcycle hit the scooty lightly as we both doesn't fell on road. The only damage to the scooty was a bended footrest .Then he started talking roughly and took by bike key. I said that I can provide money for repairs if he comes to the bike showroom ( from which he purchased his vehicle and was less than 10km) with his bike since his vehicle has only damage for a footrest for rear passenger . But he refused and told me to inquire about the repair charge in showroom and not to handover my key. The witnesses on the scene told me that i was on normal speed surprisingly that the other person (victim) also agrees. One of the witnesses came and speaked for me but he refused to give my key. After all the incident my parents came to scene as i informed them about the accident and speaked with him. They also said him to come to the bike showroom but he refused. After all the talking he asked 1000 rupees. What happens if i informed police about the accident and not giving him any money. What are the legal procedures and amount I should pay for minor accident legally.