Rules to Change From September 1: September is all set to bring a lot of changes in new rules and regulations. Starting from Aadhaar-PAN linking to the price of LPG cooking gas, a number of changes are set to take place from next month.
Notably, these changes will impact the day-to-day life of normal individuals which will directly affect your pocket. From new PF rules to changes in check clearing system, let’s have a look at all such rules.
Here is a list of key rules that will change from September 1.
Linking of PAN card with Aadhaar
The government has extended the deadline for citizens to link their Permanent Account Number (PAN) with Aadhaar till September 30, 2021. The deadline earlier was June 30, 2021, which was later extended by three months. However, now citizens are required to link their PAN with Aadhaar till the said date.
There is going to be a big change in PF rules from 1st September. If your Aadhaar is not linked in your PF account, then from September, the employer will not be able to credit the money in your account.
It must be noted that the Employees’ Provident Fund Organization (EPFO) has revised the Section 142 of the Code of Social Security 2020 and this change will affect several benefits, including contributions towards your pension fund. Make sure to complete the linking before September 1, 2021.
The Reserve Bank of India (RBI) had last year issued a notice that it would be rolling out a Positive Pay System which is a mechanism to verify the details of the issuer to prevent bank fraud. The mechanism came into effect on January 1, 2021. Moreover, the central bank has instructed other banks to implement this system when clearing cheques. According to the new rule, customers who are issuing high-value cheques such as Rs 50,000 and above or Rs 5 lakh and above, need to inform the banks prior to issuing the cheque. If this is not done, the cheque will bounce.
GSTR-1 Filling guidelines
Rule 59(6) of the Central GST Rules will come into effect from 1st September. As per the new rules, a registered person won’t be allowed to file the GSTR-1 form if they have not filed the returns in Form GSTR-3B for the preceding tax period.
LPG Price hike
The prices of LPG cylinder will change again in September 2021.
Google App restrictions
Google is about to add new restrictions in its Family Policy Requirements on identifiers used in apps that target children.
RBI’s Positive Pay System
Although the Reserve Bank of India (RBI’s) Positive Pay System came into effect on January 1, 2021, several leading banks of the country did adopt the new system. It was implemented to safeguard citizens and banks against cheque fraud. However, Axis Bank will implement the same from September 1 onwards.
Interestingly, RBI has announced that it will accept only those cheques that are registered in the Positive Pay System.
New rule for PNB savings account
From tomorrow, i.e., September 1, 2021, Punjab National Bank (PNB)is going to reduce interest rates on its savings deposits. The new interest rate is fixed at 2.90 percent per annum and will be applicable to both existing and new savings account holders.
Insurance for cars to be made mandatory
The Madras High Court has made it mandatory to have bumper to bumper insurance on the purchase of every new car for 5 years. However, this updated rule might push the prices of cars higher.
Bharat series (BH-series)
The transport ministry has introduced a new registration mark for new vehicles i.e., “Bharat series (BH-series)”. Therefore, any vehicle having this registration mark will not be required to have a new registration mark even when the vehicle shifts from one state to another in the country.