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Many rules are going to change from today. Changing these rules will affect the consumers at large. Changing some of these rules can also increase the extra burden on your pocket. Therefore, it is important to be aware of these changes. The rules that are to be changed from the beginning of October include rules related to localization in credit-debit cards, Atal Pension Scheme, changes in the prices of gas cylinders and changes in the system of subsidy on electricity bills in Delhi.
According to a notification issued by the Ministry of Finance, from October 1, 2022, taxpayers will not be able to join the Atal Pension Scheme. On the other hand, if you have a savings account in the post office, then you can apply under the Atal Pension Yojana. However, if you have already subscribed to this plan, then the new changes will not affect you.
On the other hand, if you have subscribed to this scheme despite being a taxpayer, then your money will be refunded on closing the account. Explain that under this scheme, there is a provision to give pension benefit up to Rs 5000 to the subscriber.
Debit and credit card payment rules will change
According to the instructions of the Reserve Bank of India, the system of tokenization will be implemented in the process of debit and credit card payments from October 1. After the implementation of this system, merchants, payment aggregators and payment gateways will not be able to save the information related to the customers’ card with them. The purpose of this exercise of RBI is to check fraud during card
Nomination is necessary for investing in mutual funds
If you also invest in Mutual Funds or wish to do so in future, then it will be mandatory for you to give nomination information from October 1. Those who do not provide the nomination details will have to give a declaration stating that they do not want the facility of nomination. This rule was to come into force from August 1, but then it was decided to extend it to implement it from October 1.
Changes in the rules related to e-invoicing of GST
From October 1, e-invoicing will be mandatory for traders with a total turnover of Rs 10 crore and above under the Goods and Services Tax or GST. The government has reduced its limit from Rs 20 crore to Rs 10 crore to deal with the revenue deficit and to collect more tax from the business world. The announcement issued in this regard said that the rules have been notified on the basis of the recommendations of the GST Council.
New rules to get subsidy on electricity
The current rules applicable for subsidy on electricity bill in Delhi have changed from October 1. Let us inform that Chief Minister Arvind Kejriwal has announced that subsidy on electricity will be stopped on 30 September. This facility will be available only to those people who will apply for it. This means that if you want subsidy on your electricity bill after October 1, then you will have to apply to the government for this.
Government cuts prices of commercial cylinders
LPG prices are reviewed by the central government at the beginning of every month. There is a tremendous increase in the price of natural gas at this time around the world. However, relief news came out for the countrymen on Saturday morning. The government has cut the prices of commercial cylinders. In Delhi this deduction is Rs 25.5. Significantly, in the midst of the global crisis, the price of gas has increased by 40 percent to a record level.The rate paid for gas produced from old fields, which accounts for nearly two-thirds of all gas produced in the country, has been increased from the current US$6.1 to US$8.57 per million British Thermal, as ordered by the Petroleum Planning and Analysis Cell of the oil ministry. The unit has been done. Its impact will be clearly visible on CNG and PNG consumers.
Bank loans will become expensive
After the RBI’s monetary policy meeting that lasted for three days, Central Bank Governor Shaktikanta Das has decided to increase the repo rate by 50 basis points on 30 September. The repo rate has increased from 5.4% to 5.9% now. As soon as this decision of RBI is implemented, it has been decided that bank loans will become expensive. For those who have already taken loans on floating rate, their EMI will also increase from the month of October. In this episode, HDFC Bank has also announced a 50 bps increase in loan interest rates.This decision of HDFC Bank has become effective from October 1, 2022.