On one hand, the coronavirus crisis continues in the country, meanwhile, today from July 1, many rules have changed. The process for Unlock-2 also started on July 1, while Unlock-1 ended on June 30. There will also be some changes, which will directly affect the pockets of people, such as gas prices can change, changes related to ATMs, and the rules of minimum account balance have also changed.
In March, Finance Minister Nirmala Sitharaman gave an exemption to withdraw money from any ATM due to Coronavirus in India. The rebate was given for 3 months and expired on June 30. Under the relief, customers could withdraw money from any bank's ATM any number of times and there was no additional charge on them. Now withdrawing more money from ATMs than a certain limit will incur an additional charge of Rs 20 per transaction.
Image Credit: DNA India
In view of the coronavirus crisis, Nirmala Sitharaman announced that no one would be required to maintain a minimum balance until June 30 and now that the term is over. Explain that most banks make their customers keep some minimum balance in their account and if they do not do so, then the penalty has to be paid to the customers. That is, the old system will be implemented again from July 1.
Since July 1, there has been a change related to mutual funds, under which you will now have to pay stamp duty on buying a mutual fund. That is, if you are thinking of investing in SIP or STP, then be prepared to pay stamp duty. According to the new rule, stamp duty will have to be paid 0.005% of the total investment in buying mutual funds.
If you are thinking of opening a new company, after July 1, it has become very easy for you. You can register the company from Aadhaar just by sitting at home. At present, many documents have to be submitted to get the company registered, which makes this process difficult. Its guidelines have also been issued by the government.
Image Credit: The Business Standard
Punjab National Bank has cut interest on savings accounts by 0.50 percent and the new rates will become effective from 1 July. Now, the PNB savings account will get 3.25% interest annually. Now up to Rs 50 lakh in PNB's savings account, 3% and above will get 3.5% interest.
National Pension Scheme (Atal Pension Yojana) is run by the central government, under which the auto-debit is not happening at present, but the term expires on June 30. That is, from July 1, the money will be automatically deducted from the account of the people who invest money in this scheme, i.e., auto-debit will be done. In this case, keep in mind that there will be an installment amount in your account. On 11 April, the pension regulator, the 'Pension Fund Regulatory and Development Authority' (PFRDA), had instructed banks not to auto-debit until June 30 due to the coronavirus pandemic. Auto debit resumes have been sent to customers via email.
Image Credit: The Economic Times
The Modi government had given a special facility to the EPF account holders after the lockdown due to the coronavirus epidemic and seeing people struggling with a cash shortage. Under this facility, people can withdraw a fixed amount from their PF account, so that they can meet their everyday needs. Finance Minister Nirmala Sitharaman herself announced this, but now that period is over. Due to Corona, the exemption for withdrawal of money from the PF account was extended until 30 June 2020 (last date of PF withdrawal). Explain that the amount withdrawn from the EPF account could not exceed the sum of three months' basic salary and dearness allowance of the shareholder or three-quarters of the total amount deposited in his account.
The government has given relief to the account holders of PPF and Sukanya Samriddhi Yojana (SSY). Those who have not been able to deposit the minimum installment in these accounts for 2019-20, they could fill the installment until 30 June 2020. The good thing is that it was not to be considered a delayed installment. Also, no penalty or revival fees were to be recovered, but now those who have not deposited the money will not get these discounts. Explain that the minimum deposit for a PPF account is Rs 500 in the financial year, while for the Sukanya Samriddhi Scheme it is Rs 250.
There is no benefit associated with 'Legacy Dispute Resolution'
Old pending disputed cases related to service tax and central excise were to be settled under this scheme of the Modi government, the last date was 30 June. From July 1, the benefits of the scheme will now not be available to those who have not been able to take advantage of the scheme until now.
Like and Follow us on :
