With the beginning of October, major changes have been implemented in banking, pension, online transactions, railway ticket booking and many important services in India. These rules are directly related to the common man and can affect your pocket to your convenience. Come, let us know in easy language what has changed from today.
Changes in UPI transaction
We all use UPI daily. Now Peer-to-Pier (P2P) “Collect request” means that someone requests to send you money, this feature has been closed. Its purpose is to increase security and prevent fraud. That is, now only money can be transferred from QR scan or direct mobile number.
New rules of railway ticket booking
Now the rules for booking general tickets from IRCTC website and app have also been changed. For the first 15 minutes, only Aadhaar verified users will be able to book tickets. This will prevent the arbitrariness of agents and it will be easy for the common people to get tickets.
Change in speed post service
India Post has started OTP-based delivery in speed post service. Now it will be necessary to give OTP in parcel delivery, which will increase security. Also, the GST charge will now be shown separately on the bill.
Change in pension rules
The new CRA (Central RecordKeeping Agency) fee has been implemented for NPS, Atal Pension Yojana and other schemes. Also, those investing in NPS will now be able to invest 100% money in equity (stock market). This facility was limited earlier.
Flexibility in interest rates
Now customers taking floating-tract loans (such as home loans) will get the benefit of change in interest rates early as compared to earlier. Earlier we had to wait for 3 years, now this time has reduced. Also, customers will be able to switch from fixed to floating rate.
New loan facility on gold and silver
Banks have now got approval to give loans on gold for up to 270 days. Earlier this period was just 180 days. Small jewelery traders and processing units will directly benefit from this.
Banking services became expensive
Many banks including HDFC, PNB and Yes Bank have increased the fees for ATM withdrawal, debit cards, locker charge and some other services. Apart from this, RBI has said that all banks should get their locker customers get a new agreement. That is, if you have a bank locker, now you have to make a new agreement.
Foreign banks and nRI rules
RBI has instructed foreign banks to transpare them about their debt risk management. At the same time, NRI can no longer open a new PPF account and will not be able to carry on the previously running PPF.
Changes in road safety and GST invoiceing
Some states have increased the amount of fine on traffic violations. At the same time, the turnover limit of e-invoicing has been reduced under GST, so that more traders will have to adopt this rule.
LPG subsidy and prices
In some schemes, the way of giving LPG subsidy has been changed. Also, there has been a change in the prices of coachful gas, which can affect the market.