Eight major changes are going to happen in India from July 1, 2021 i.e. tomorrow. These changes will have a direct impact on your life. While on the 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 may also suffer financial loss. Changes in these rules will affect your pocket, it will also affect your household budget. Therefore it is very important for you to know about them. These changes include the price of LPG cylinders, recommendations of the Sixth Pay Commission, cash withdrawal facility offered by State Bank of India, free cheque facility offered by State Bank of India and IDBI Bank, IRDA guidelines on professional compensation policy. , vehicle prices, IFSC Code of Syndicate Bank, etc.
Let us go through these important changes in detail.
Change the price of gas cylinders
Oil companies review the prices of LPG cylinders at the beginning of every month. The price of LPG cylinders in the country will change from July 1, 2021. Tax varies from state to state and LPG prices vary accordingly. Its price is determined by factors such as the average international benchmark and changes in foreign exchange rates.
Cash withdrawal facility will be free only four times The
country’s largest government bank, State Bank of India (SBI) has shocked the customers. SBI has implemented new service charges from July 1, 2021. From July 1, the basic savings bank deposit account holders will get the facility of free withdrawal of money from the bank branch or from the ATM only four times. If the customer makes more than four withdrawals, the bank will levy a charge on it. 15 per cash withdrawal at branch channel or ATM plus GST will be charged. Apart from SBI ATMs, the same charge is applicable for withdrawals from ATMs of other banks. Keep in mind that this limit is inclusive of ATMs and Branches.
Using checks will cost more
SBI will give 10 cheques free of cost in a financial year to basic savings bank deposit account holders. After this, for a cheque book containing 10 cheques, you will have to pay GST along with Rs 40. Whereas, for a check book with 25 cheques, GST will be charged from the customers along with Rs 75. Along with this, for emergency cheque book with 10 cheques, 50 rupees will have to be paid along with GST. However, senior citizens are exempted from the new service charge on chequebooks.
Change IFSC Code of Syndicate Bank
Canara Bank has informed the customers that IFSC Code of Syndicate Bank will become invalid with effect from July 1, 2021. Actually Syndicate Bank has merged with Canara Bank, even after that the customers were using old cheque book only. The old chequebook of customers will work only till June 30. After that the customer will not be able to use it. Therefore, bank customers should immediately go to their branch and update it. You can use it only till June 30. Canara Bank has said that all IFSC codes starting with SYNB will not work from July 1.
Maruti and Hero MotoCorp will increase the prices of vehicles The
country’s largest carmaker Maruti Suzuki has decided to increase the prices of its vehicles from July 1. The reason for this increase is believed to be the rise in the prices of steel, plastic and aluminum. Apart from this, Hero MotoCorp is also going to increase the prices of its bikes and scooters from July 1. After this move of Hero, other two-wheeler manufacturers can also announce to increase the prices of their vehicles soon. According to the press release issued by the company, Hero MotoCorp will increase the prices of its scooters and bikes by up to Rs 3000 from July 1.
IDBI customers will get only 20-page cheque book every year for free From
July 1, IDBI Bank customers will get only 20-page cheque book every year free of cost. After that customers will have to pay Rs 5 for each cheque page. Till now, customers of the bank used to get 60-page cheque book free of cost in the first year of account opening. For subsequent years, the bank gives a 50-page cheque book. After that, for each cheque, the customer had to pay Rs. However, the new regime will not be applicable to customers covered under Sabka Savings Account and they will continue to get unlimited free cheques in a year.
Punjab Cabinet
approves the recommendations of the Sixth Pay Commission Most of the recommendations of the Sixth Pay Commission were approved in the Punjab Cabinet meeting chaired by Punjab Chief Minister Captain Amarinder Singh. These recommendations will be implemented from 1 July 2021. The Sixth Pay Commission will be deemed to be effective from January 1, 2016. This decision will benefit 5.4 lakh government employees and retired employees of the state. It has also been approved to increase the minimum wage of government employees from Rs.6950 per month to Rs.18000 per month. This time the salary and pension will increase by 2.59 times as compared to the recommendations of the previous Pay Commission and the annual increment will be 3 percent.
IRDA: Issue of guidelines on professional indemnity policy
Insurance regulator IRDA has issued guidelines on standard professional indemnity policy for insurance intermediaries including brokers, corporate agents and ‘web aggregators’ providing information on products of various insurance companies. The guidelines issued by the Insurance Regulatory and Development Authority (IRDA) will come into effect from July 1, 2021. According to the guideline, professionals and professional entities can be prosecuted by their clients for errors or negligence in the course of their professional duties. A professional indemnity policy is a liability insurance product that protects professional advisory individuals and professional entities from claims of negligence by their clients for errors and omissions. It covers financial loss caused to clients as a result of breach of professional functions.
