The month of August has come to an end. Many rules related to banking, traffic, and tax are going to change from 1 September 2019. These changes will affect your everyday life. If you get relief from these changes, then there are some fronts where you will get hit on your pocket. In such a situation, it is important to know about these rules.
-
Your mobile wallet will be closed
If you also use mobile wallets like Paytm, PhonePe, GooglePay, then complete their KYC by 31 August. In the event of not completing KYC, your mobile wallet will stop working from September 1. The Reserve Bank had given these mobile wallet companies a deadline of August 31 to complete the KYC of its customers, after which the wallets without KYC would be closed.
-
Changes in banking rules
Some important rules related to the bank will change from 1 September. For example, SBI (State Bank of India), the country’s largest government bank, has decided to link home or auto loans of its old customers to the repo rate. After its implementation, whenever the Reserve Bank (RBI) cuts the repo rate, the customers will benefit from the immediate effect. From September 1, the interest rate on home loan will be 8.05 percent. RBI has reduced the repo rate to 5.40% in August itself. In the coming days, SBI’s other government banks can also link loans to the repo rate.
Apart from this, the facility of taking home loans, auto loans, and personal loans in 59 minutes can be started from government banks. Also, there are reports of changes in opening and closing times of banks in September. Banks will now open at 9 am instead of 10 am. The banking division of the Union Finance Ministry has proposed to open all government and regional rural banks at 9 am.
-
Change in tax rules
Tax rules will also change from 1 September. It may be noted that a scheme has been launched to deal with old tax cases. Under this, the outstanding tax can be paid. In this scheme, there will be no legal action on paying tax, but will also get an exemption from interest, penalty. Under this, 70 percent on tax up to 50 lakh, 50 percent on the tax of more than 50 lakh, Liability up to 50 lakhs, 60 percent on appeal withdrawal and more than 50 lakh tax, 40 percent will be exempted on appeal withdrawal. Similarly, on filing income tax returns from September 1, a penalty may also be incurred.
-
Change in insurance rules
If you have a car or two-wheeler, be prepared for new insurance rules from 1 September. In fact, the general insurance companies will now provide separate insurance cover to the vehicles for losses due to natural disasters like earthquakes, floods, sabotage and riots. Last July, the insurance regulatory body IRDA had asked general insurance companies to implement it from 1 September.
- Making a Kisan Credit Card (KCC) from September 1 will be easier than before. Now the bank will have to issue Kisan Credit Card within a maximum period of 15 days. In this regard, the Central Government had given directions in the past.
-
Change in traffic rules
Several rules related to traffic will change from 1 September. Let us tell you that from this day 63 provisions of the Motor Vehicles (Amendment) Act are going to come into force. These include provisions for heavy penalties for violating traffic rules.
According to the information, the amount of fine has been increased in other cases including driving drunk, speeding (Overspeed) and overloading. Apart from this, responsibility has also been fixed for road accidents in the country. Under this rule, a company or contractor will be fined Rs 1 lakh for an accident due to a disturbance in road construction.
