Nine major changes are going to happen in India from 1 August 2020 i.e. tomorrow. These changes will have a direct impact on your life. On one hand, you will get relief from these new rules, on the other hand, if you do not take care of some things then you can also suffer financial loss. These include LPG cylinders, minimum balance in some banks, Unlock 3 guidelines, interest rate on RBL bank’s savings account, contribution to EPF, Sukanya Samriddhi Yojana, buying cars and two-wheelers and rules related to e-commerce companies . Let’s know about these important changes.
Expiry of deduction for EPF for three months The
Ministry of Labor and Employment had decided to implement the deduction for three months in the Employee Provident Fund (EPF) contribution. By July, it was decided to reduce the contribution from 12 per cent to 10 per cent. This period is ending on 31 July. It was announced by Finance Minister Nirmala Sitharaman under the PM Garib Kalyan Package. If this period is not extended by the government, from August 1, the contribution for the employees and employers who are not covered under the PM Garib Kalyan package will again be 12-12 per cent.
Buying a car and two-wheeler will be cheaper
If you are thinking of buying a new car or motorcycle, then the insurance policy of car and two-wheeler is going to change from August 1. In fact, the Insurance Regulatory and Development Authority of India (IRDA) is going to make changes in Motor Third Party and On Damage Insurance from August 1. According to IRDA instructions, it will not be mandatory for customers to get a third party cover for three years on the purchase of a car and five years on the purchase of two-wheelers. IRDA has decided to withdraw the package cover on these vehicles.
Decision taken back
In June, Irda said the withdrawal of the On-Damage and Long-Term Package Third Party Insurance policy on vehicles was causing the prices of vehicles to become expensive. According to Irda, customers were facing financial difficulties in purchasing vehicles. A change in insurance policy will have a direct impact on the cost of vehicles. Simply put, buying a vehicle now will be cheaper than before.
The minimum balance in
Indian banks is going to change from August 1 on minimum monthly balance in savings account in some Indian banks. These include Axis Bank, Bank of Maharashtra, Kotak Mahindra Bank and RBL Bank. These banks have decided to change the transaction rules from August 1. Some of these banks will charge fees for withdrawing and depositing cash, while some banks are preparing to increase the minimum balance. Those with savings accounts in Bank of Maharashtra have to maintain a minimum balance of Rs 2,000 in metro and urban areas, earlier this limit was Rs 1,500. The bank will charge Rs 75 for account holders in metro and urban areas, Rs 50 in semi-urban areas and Rs 20 in rural areas every month if there is a low balance.
Price of LPG cylinder will change
from tomorrow the price of LPG cylinder will change in the country. Companies have been increasing its price for the last two months. Oil companies review the prices of LPG cylinders at the beginning of every month. Tax varies from state to state, and LPG prices vary accordingly.
Price was increased in July
In July, the oil marketing companies of the country increased the prices of 19 kg and 14.2 kg non-subsidized LPG cylinders. According to information received from the IOCL website, a 14.2 kg non-subsidized LPG cylinder in Delhi had become expensive by Re 1. It was costlier by four rupees in Kolkata, 3.50 rupees in Mumbai and four rupees in Chennai. After this it was priced at Rs 594 in Delhi, Rs 620.50 in Kolkata, Rs 594 in Mumbai and Rs 610.50 in Chennai.
Unlock 3 The
activities that were halted due to the nationwide lockdown imposed by the spread of the corona virus epidemic in the country are being opened in a phased manner. The process has been named unlock by the government. Today the second phase of unlock is ending and the third phase will start from August 1. For this, the government has issued guidelines.
The government has given many reliefs in these guidelines. While the night curfew (ban on movement of people at night) has been lifted, on the other hand, gyms and yoga institutes have been allowed to open from August 5. In the containment zone, the government has said that strict lockdown will continue till 31st. However, many activities will continue to be banned outside the Containment Zone.
Who is not allowed, where restrictions will continue …
- In the Unlock-3 guidelines issued by the Union Home Ministry, it has been clarified that the ban on the operation of Metro Rail will still continue.
- Amusement parks, cinema halls, swimming pools, theaters, auditoriums and bars etc. have also not been allowed to open yet.
- All crowd gathering events and events will be banned. These include religious, political, sports, cultural and entertainment related events.
- Schools, colleges and coaching institutes will not open yet. The Ministry of Home Affairs has said that educational institutions will remain closed till 31 August.
Sukanya Samriddhi Yojana will not get relief
Amidst the Corona crisis, the government announced that the accounts of the girls who turned 10 during March 25 to June 30, 2020 can be opened by July 31 in Sukanya Samriddhi Yojana. It will not benefit from August 1, 2020. It is known that Sukanya Samriddhi accounts can be opened only from the date of birth till the age of 10 years.
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E-commerce companies have to tell which country the goods are made in. The
central government has issued notification of new rules regarding e-commerce companies. Now it is necessary to write on the products found on e-commerce companies where the goods are made. If a company does not follow this rule, action will be taken against it. Most companies have already started providing this information. These include companies like Flipkart, Myntra and Snapdeal. DPIIT has asked all e-commerce companies to update the country of origin of their new product listings by 1 August. This will boost Make in India products.
Farmers will get benefit: The
Central Government keeps announcing some or the other day for the farmers. The 6th installment will be released from August 1 under the PM Kisan Samman Nidhi Yojana. Modi government will add the sixth installment of Rs 2,000 to the bank account of the farmers. It is to be known that the government has provided cash benefits to 9.85 crore farmers of the country since the inception of the scheme. The fifth installment of this government scheme was released on 1 April 2020.
Rate of interest on RBL bank’s savings account
RBL bank has announced reduction in interest on savings account. The new interest rates will be effective from 1 August 2020. Now account holders will get 4.75% interest annually on deposits up to Rs 1 lakh in RBL bank savings account. At the same time, if there is an amount ranging from one to 10 lakh rupees in the account, then the interest rate will be six per cent on an annual basis. On deposits ranging from Rs 10 lakh to Rs 5 crore, 6.75 percent interest will be earned annually.
