With several of the rules likely to impact people's financials, it is essential to understand what are these changes and how they may affect you.
1st September is here and consumers in India are set to experience rule changes that can have a major impact of day-to-day lives financially. These changes range from banking norms, financial verifications to changes in investment rules.
With several of the rules likely to impact financial budgets of the common man, it is essential to understand what are these changes and how they may affect you.
Here are 7 major rules changes coming into effect from September 2021 that will impact Indian consumers:
New PF rule
The deadline for linking Provident Fund account with Aadhaar card ends today, September 1. Failure to do so will mean that you won’t be able to avail your PF benefits. Those who have not linked their PF account to Aadhaar, or whose Aadhaar UAN is not verified, will not be able to file their ECR-Electronic Challan cum Return. Employees won’t be able to avail the employer's share in their PF account.
PAN linking deadline approaches
People who haven’t linked their Permanent Account Number (PAN) with their Aadhaar card have a month more to do so. The original deadline for PAN-Aadhaar linking was extended for three months from June 30 to September 30, 2021.
Cheque clearing system
The Reserve Bank of India (RBI) brought into effect its new cheque clearing system called the Positive Pay System in the beginning of the year from January 1, 2021. Several major banks had already adopted the system. Axis Bank will enforce the new cheque clearing system from today, September 1.
New car insurance rules
In adherence with the order of the Madras High Court, new cars purchased from September 1 onwards will be required to have a mandatory bumper to bumper insurance for 5 years. This is expected to result in a price hike across automobiles.
Reduced interest rates
One of India’s largest public sector banks, the Punjab National Bank (PNB), is set to cut down the interest rates it offers on saving deposits. The new interest rate will be 2.90 percent per annum and comes into effect today, September 1. The change will apply to both existing and new savings account customers.
Change in trading rules
Securities Exchange and Board of India (SEBI) will enforce the final phase of its new peak margin norms from today. The new rule required traders to give 100% margin for their trades upfront. The norms, which are expected to impact intraday trading, mandate stockbrokers to collect minimum margins on leverage-based trade before the trade, while the collections were done at the end of the day earlier. The new norms by SEBI are aimed at reducing speculative trading and limiting the leverages that stockbrokers offer to customers.
New registration mark for vehicles
The new Bharat Series (BH) vehicle registration mark introduced by the Union Ministry of Road Transport and Highways (MoRTH) aims to bring about a free flow of personal automobiles between states and union territories in India. The BH mark will simplify the process of relocating for a person with a two-wheeler or four-wheeler when shifting withing the country from one state to another. Car and bike owners who get the new BH registration mark are not required to re-register vehicles in their new location.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "From PF and PAN to cheque clearing and interests rates: 7 rules that will change from September 2021")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}