From this very day, a multitude of financial rules are poised to undergo significant transformations, directly affecting finances of common people.
Changing rules starting June 1, 2023: With the arrival of June, a multitude of modifications are on the horizon, poised to directly influence the financial circumstances of everyday individuals. This month kicks off with oil companies tweaking the prices of LPG gas cylinders, potentially extending their adjustments to the prices of PNG and CNG as well. Naturally, these decisions bear significant consequences for the general public. Here’s a list of rule alterations that will take effect from this very day.
1. Fluctuating prices of gas cylinders, CNG, and PNG:
Each passing month witnesses oil companies recalibrating the prices of LPG, CNG, and PNG. Let's delve into the past two months: in April and May, the cost of commercial gas cylinders witnessed a decline, whereas LPG cylinder prices remained unchanged. However, come June, oil companies might introduce some changes to the gas prices.
2. RBI’s 100-day, 100-payment campaign:
The Reserve Bank of India (RBI) has initiated an ambitious campaign spanning 100 days, geared towards refunding unclaimed funds. Under this initiative, RBI has instructed banks to reimburse at least 100 deposit holders who remain oblivious to their unclaimed deposits in every district, within the aforementioned 100-day timeframe. By launching this endeavor, RBI seeks to tackle the mounting issue of dormant and unclaimed funds.
3. Electric two-wheeler to get expensive:
If you have been contemplating purchasing an electric two-wheeler in the coming month, be prepared for some unwelcome news. Effective tomorrow, June 1, 2023, the price of electric two-wheelers is slated to increase. The Ministry of Heavy Industry, in a notification released on May 21, 2023, announced the government's decision to curtail subsidies on these vehicles. Previously, a subsidy of Rs 15,000 per kilowatt was available, but it has now been slashed to Rs 10,000. Consequently, the cost of purchasing electric two-wheelers is set to rise by a staggering amount, ranging from Rs 25,000 to Rs 30,000, commencing June 2023.
4. Mandatory testing for cough syrups:
From June 1, the Drug Controller General of India (DCGI) has mandated comprehensive testing for all cough syrups exported from the country. Drug exporters will be required to subject their products to government laboratory testing and furnish the corresponding test reports prior to exporting the medicines. Only upon meeting this criterion will they be authorized to proceed with the exportation.
Read more: RBI guidelines: How many coins can you deposit in the bank at once? Know here
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