Today i.e. from 1st August , many changes related to banking, finance started. This includes many changes including EPF, LPG and banking. At the end of July, some of the finance related work expired. These include loopholes given in the rules at the time of the Kovid 19 lockdown. In one of these changes, the guidelines of Unlock 3 were implemented in the country. Let us know what changes took effect in the country from 1 August.
Unlock – 3
The Ministry of Home Affairs has issued guidelines for Unlock 3, which will be implemented in the country from August 1. Under these, many other activities have been allowed outside COVID-19 Containment Zones. At the same time the lockdown in Containment Zones has been extended till 31 August. Under the new guidelines, Yoga Institute, Gym in Unlock 3 in the country will be open from August 5. The Ministry of Health will issue SOP in this regard. However cinema hall, swimming pool, entertainment park, theater, bar, auditorium, metro, assembly hall will remain closed till 31 August.
Apart from this, the Ministry of Home Affairs has given permission to organize Independence Day celebrations while retaining social distancing. According to the Unlock 3 guidelines, currently international air travel will be limited under the Vande Bharat mission. Ban on movement of people has been lifted at night. Social / political / sports related / entertainment / educational / cultural / religious ceremonies and other crowded events are still not allowed. Schools, colleges and coaching institutes will also remain closed till 31 August.
Exemption on EPF expired
Finance Minister Nirmala Sitharaman gave relief to employees and companies on the EPF front while announcing the economic package in May. The Modi government had reduced the EPF contribution for institutions and employees for three months from 12-12 per cent to 10-10 per cent. The EPF contribution for May, June and July 2020 was reduced from 24 per cent to 20 per cent. The benefit of the reduced amount of EPF is going to end now. From August, the EPF contribution will again be 24 per cent (12 per cent employees and 12 per cent employers).
This month, oil companies have changed the prices of LPG LPG only in Kolkata. According to the information available on the website of Indian Oil, in the month of July, the price of non-subsidized LPG cylinder in Kolkata was Rs 620.50 which has now increased to Rs 621. The 14 kg LPG cylinder is stable at Rs 594 in Mumbai, Rs 594 in Mumbai and Rs 610.50 in Chennai.
Tax rebate on investment
CBDT had extended the tax saving date till 31 July by investing in schemes like LIC, PPF, NPS for the financial year 2019-20. That is, if you invest in any such scheme till this deadline, which is tax-exempt under the Income Tax Act, then you can claim the income tax return on that investment for the financial year 2019-20. The CBDT also extended the time to show donation investment under 80D, Mediclaim under 80D till 31 July.
Installment of PM farmer
Under the PM Kisan Yojana, from August 1, the government will start sending the sixth installment of 2000 rupees to the bank account of the farmers. The government has provided cash benefits to 9.85 crore farmers of the country since the inception of the scheme. Under a scheme, 6000 rupees are deposited annually in the farmers’ account in three installments.
Buy cheap car-bike
The rules related to car and two-wheeler insurance went to change from August 1 for those buying new cars and motorcycles. In June, the Insurance Regulatory and Development Authority of India (IRDAI) withdrew the rule of long-term motor insurance package policy for vehicles. Third party insurance + On-Damage insurance is available in this package. From August 1, there will be no compulsion to take ‘long-term motor insurance package’ while buying a car or towler. From 1 August, it will be necessary to take a third party cover for 3 years for taking a new four wheeler and 5 years for taking a toweler. At the same time, there will be two options for On Damage Cover. First, the customer can take one year on-one damage cover in bundle with third party insurance and the second can take two different policies for third party and on damage.
Rules related to Post Office RD
Providing relief to Post Office Recurring Deposit (RD) account holders, it was decided that they can deposit the installments of March, April, May and June 2020 in RD account by 31 July 2020. No revival fees or default fees will be levied on them till 31 July. Now on August 1, this deadline has expired.
PPF and SCSS Account Extension
The government had extended the deadline for extension of PPF and SCSS account to 31 July 2020. That is, those who want to extend PPF and SCSS account but one year grace period after maturity of the account ended in lockdown and they were not able to submit the extension form till 31 July 2020. Can collect. This period ended on 1 August.
Changes in minimum balance rules in some banks
In some banks, the rules are going to change from August 1 on the minimum monthly balance in the savings account. Axis Bank, Bank of Maharashtra, Kotak Mahindra Bank, RBL Bank have decided to change the transaction rules from August 1. Some of these banks will charge fees for withdrawing and depositing cash, while many are preparing to increase the minimum balance.
RBL Bank has cut interest on savings account. The new interest rates are effective from August 1. Now, you will get 4.75 percent interest annually on deposits up to Rs 1 lakh in RBL Bank Savings Account. At the same time, 6 percent will be given on deposits up to Rs 1-10 lakh and 6.75 percent annual interest on deposits ranging from Rs 10 lakh to 5 crore.
Country of origin on product
The rules for e-commerce companies to show their country of origin on the product from August 1 can come into force. Country of origin means where the product is made. The new rule will apply to all electronic retailers registered in India or abroad but offering goods and services to Indian customers.