Several rules are going to change from today onwards which are going to impact your personal finances and life in general. These changes will be implemented in Motor vehicle rules, Ujjwala scheme, health insurance, RBI credit, and debit card rules. To make any decisions, it is important to know about the changes.
Here’s what is going to change from October 1:
1. No physical verification of Driving licence and RC: Now you do not have to worry about keeping a hard copy of documents like RC and driving licence while driving but carry only a valid soft copy of the documents attached to the vehicle. According to the Ministry of Road Transport and Highways notification, everything will digital from documents to DC to e-challans.
2. No more free LPG connection: The process of getting a gas connection for free ended on 30 September 2020. Earlier the scheme was valid till April. However, it was extended to September 30 due to COVID-19. The Union cabinet-approved extension for availing free cooking gas cylinders under PMUY has ended.
3. 5% taxes on foreign remittances: Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above Rs 7 lakh, will attract a tax-collected-at source (TCS) unless tax is already deducted at source (TDS) on that amount.
4. New credit and debit card rules: The Reserve Bank of India’s (RBI) new guidelines to secure debit and credit cards will come into affect. According to these new guidelines, card users will now be able to register opt-in or opt-out of services, spend limits, etc. for international transactions, online transactions and contactless card transactions.
5. New health insurance rules: IRDAI has asked insurers to standardize the exclusions — diseases or medical conditions that are not covered under a policy. These change will come into effect from October 1.
6. Buying television may become expensive: A customs duty at the rate of 5 per cent shall apply on Open Cell, a key component for television manufacturing. The customs duty exemption given to Open Cell for a period of one year ended on September 30. As per government officials, the price increase due to this duty will not be more than Rs 250 per Television set.
7. New Tax Collected at Source (TCS) regime: The Income Tax Department on Tuesday issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on the sale of goods and services with effect from October 1.
8. ‘Best before date’ mandatory for sweet shops: While buying sweets, you must now check the ‘Best before date’ as it has been made compulsory for the sweetmakers to mention it on the product. So your shopkeeper will inform customers till what date the dessert will remain edible.