  We show that it is possible to construct observables to test the existence of
new physics in a model independent way for the $D^0\rightarrow VV$ modes using
a time-dependent analysis of the neutral $D$ meson. We show that it is possible
to identify whether the NP is due to decay, mixing or a combination of both. We
also provide numerical estimates for the polarization amplitudes for the
$D^0\rightarrow\overline{K^{*0}}\rho^0$ mode and show that our analysis is
consistent with the present data.
