Changes From August: August is going to start with a shock of inflation. The winds of change will start from August 1, which will last for the whole month. It is better that you understand these changes beforehand.
Changes From August: The month of August is going to bring many changes. Some of these changes can increase the sufferings of the common man. As withdrawing cash from ATM will become expensive, the policy of the Reserve Bank will also come in the first week of this August. LPG prices can also be changed. So let us understand all these changes one by one.
ATM transactions costlier from August 1
After the order of the Reserve Bank of India, from August 1, banks will be able to increase the interchange charge at ATMs by Rs. In June, the Reserve Bank allowed the interchange charge to be increased from Rs 15 to Rs 17 for every financial transaction and from Rs 5 to Rs 6 for non-financial transactions. Interchange fee is a fee charged by banks to merchants processing payments through credit cards or debit cards. According to the new rules, customers will be able to do five free transactions every month from their bank’s ATM. Customers will be able to do three free ATM transactions in metro cities and five in non-metro cities using ATMs of other banks.
ICICI Bank banking services will be expensive
The country’s largest private bank ICICI Bank has changed the rules regarding ATM transactions and checkbooks, which will be applicable from August 1. ICICI Bank gives 4 cash transactions free every month for regular savings account. 150 rupees will have to be paid on every transaction after the free limit. The value limit (Deposit + Withdrawal) includes both home branch and non home branch transactions.
ICICI Bank will not charge any fee for a 25-page check book in a year, but after that for a 10-leaf check book, Rs 20 will be charged.
Rules related to salary, pension, EMI will change
RBI has changed the rules of National Automated Clearing House (NACH). Under this change, now you will not have to wait for the passing of Saturday and Sunday i.e. weekend for your salary or pension. You will get these services throughout the week. These new rules will come into effect from August 1, 2021. RBI Governor Shaktikanta Das, during the credit policy review of June last month, had announced that to further enhance the convenience of customers and to avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH which is currently available in banks in working days. Available, it is proposed to be implemented on all days of the week, with effect from August 1, 2021.
LPG cylinder prices may increase
There will be a change in the prices of LPG cylinders from August 1. New prices of domestic LPG and commercial cylinders are fixed on the first of every month. On July 1, the prices of LPG cylinders were increased by Rs 25.50. After this increase, 14.2 kg cylinder is being available in Delhi for Rs 834.50 instead of Rs 809. Earlier on May 1, gas companies did not make any change in the rate of LPG Gas Cylinder. Earlier in April, the price of LPG cylinder was cut by Rs 10, while the prices were increased in February and March.
Form 15CA/15CB deadline will end
In a relief to taxpayers, the Income Tax Department has extended the deadline for submitting Form 15CA/15CB in manual format, whose deadline ends on August 15. Earlier this deadline was done on June 30, 2021, then it was extended till July 15. Taxpayers will have to submit both these forms in manual format to the authorized dealers by August 15, 2021.
RBI’s credit policy will come
Reserve Bank of India (RBI) will announce its credit policy in August. The Monetary Policy Committee will decide on the change in interest rates. This meeting of MPC will be held between August 4-6. The policy will be announced on 6 August. MPC meets 6 times in a year. The last meeting was held in June, in which no change was made in interest rates.
Honda will increase the prices of cars
Honda Cars India will once again increase the prices of its cars. This Japanese car company will make its vehicles expensive in August. Although, no information has been given about how much the price will increase, but, the increased prices will be decided according to different models and variants. According to the PTI report, Honda is increasing the car prices due to the increase in the cost of making the vehicles.
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