New Delhi | Jagran Business Desk: With the coming of September 1, as the new financial year will start many other things related to your financial life including Provident Fund (PF), Aadhaar linking, LPG prices, and filing of Goods and Services Tax (GST), will also change. The new rules and changes will be affecting people from all societal strata and will come into effect from September 1, 2021. Here is a look at all you need to know about the changes.
1. PNB will cut interest rate
Punjab National Bank will cut interest rates on deposits in savings, starting September 1. According to the information given on the official website of the bank, the new interest rate of the bank will be 2.90 percent per annum, which will be applicable on existing and new savings accounts of PNB.
2. Mandatory linking of Aadhaar to Provident Fund account
Aadhaar has to be mandatorily linked to the Universal Account Number (UAN) of provident fund (PF) account, failing which employers will not be able to credit their contribution to the EPFO account of employees. The Employees' Provident Fund Organisation (EPFO), the retirement fund body, has made Aadhaar seeding mandatory for all Employees’ Provident Fund (EPF) accounts.
3. Puja Special Trains
Indian Railways may announce some new trains to ensure convenience for passengers in commuting. The frequency of some special trains can be increased. Some Puja special trains can also run as per the demand.
4. LPG Price hike
Cooking gas cylinder prices are reviewed by the government every month. The same exercise will be repeated on September 1. The price of non-subsidized domestic liquified petroleum gas (LPG) cylinders was hiked by Rs 25 across all metro cities effective July 1.
5. RBI’s new cheque clearing system
On August 6, 2020, the Reserve Bank of India announced its Positive Pay System to further augment customer safety in cheque payments and reduce instances of fraud occurring on account of tampering of cheque leaves. Under this process, the issuer of the cheque electronically submits certain minimum details of that cheque to the drawee bank, details of which are cross-checked with the presented cheque by Cheque Truncation System (CTS). The rule is applicable to account holders who issue cheques for amounts of Rs 50,000 and above. Many banks in India implemented the system after it came into effect on January 1, 2021. Axis Bank will also adopt the new cheque clearing system from September 1.
Posted By: Sugandha Jha