From December 1, many rules ranging from LPG Cylinder prices to new timings for Real Time Gross Settlement System (RTGS) — things that have a major impact in the lives of common man are going to change.
Since these rules are going to affect your everyday life, it is important to know more about these changes in detail. Here are some rules that are going to change from December 1.
Real Time Gross Settlement System (RTGS)
The Reserve Bank of India had in October 2020 said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. Announcing the bi-monthly RBI Monetary Policy decision, RBI Governor Shaktikanta Das said, customers will get round-the-clock availability of Real Time Gross Settlement (RTGS) System. RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.
LPG Cylinder Prices
Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets. It is by and large expected that the OMCs will make announcement on revision of LPG Cylinder Prices.
Restoration of Train services
Earlier, a section of the media had reported that a host train services will be restored from December. These included Punjab Mail and Jhelum Express. The Railways has drawn up a tentative plan to restore 17 mail and express trains for the Punjab region from November 24, while it is expected that Pune Jammu-Tawi Jhelum Express services will begin from December 1, some media reports said.
Insurance Premium Change possible now
An insurance policy holder will now be able to reduce his premium by 50 per cent after 5 years. This means that he will be able to continue with the policy even at half the premium.
Your insurance policy will not stop on non-payment of instalments
Many people have lost their job because of the coronavirus pandemic, which hit the country in March. As a result of this, many people have defaulted on their instalment payments. It may also happen that due to some unforeseen expenses, the policy holders are unable to pay their instalments. Non-payment results in policy getting lapsed. This results in their money getting stuck. The insurance companies have made changes to this effect. Under the new rules, a policy holder can reduce the premium on their policies by 50 per cent.