India has undergone eight major changes since 1 August 2020. These changes will have a direct impact on your life. On one hand, you will get relief from these new rules, on the other hand, if you do not take care of some things then you can also suffer financial loss. These include minimum balance in some banks, Unlock 3 guidelines, interest rate on RBL bank's savings account, contribution to EPF, Sukanya Samriddhi Yojana, buying cars and two-wheelers and rules related to e-commerce companies. Let's know about these important changes.
EPF cut the limit for three months
The Ministry of Labor and Employment had decided to implement a three-month reduction in employee provident fund (EPF) contribution. By July, it was decided to reduce the contribution from 12 percent to 10 percent. This period ended on 31 July. It was announced by Finance Minister Nirmala Sitharaman under the PM Garib Kalyan Package. From August 1, the contribution for employees and employers under the PM Garib Kalyan package has again increased to 12-12 percent.
Buying a car and two-wheeler will be cheaper
If you are thinking of buying a new car or motorcycle, then the insurance policy of car and two-wheeler has changed since August 1. The Insurance Regulatory and Development Authority of India (IRDA) has made changes in motor third-party and own damage insurance from August 1. According to IRDA instructions, it will not be mandatory for customers to get a third party cover for three years on the purchase of a car and five years on the purchase of two-wheelers. IRDA has decided to withdraw the package cover on these vehicles.
The decision was taken back
In June, Irda said the withdrawal of the On-Damage and Long-Term Package Third Party Insurance policy on vehicles was causing the prices of vehicles to become expensive. According to Irda, customers were facing financial difficulties in purchasing vehicles. A change in an insurance policy will have a direct impact on the cost of vehicles. Simply put, buying a vehicle now will be cheaper than before.
Minimum balance in Indian banks
The rules have changed from August 1 on the minimum monthly balance in savings accounts in some Indian banks. These include Axis Bank, Bank of Maharashtra, Kotak Mahindra Bank, and RBL Bank. These banks have decided to change the transaction rules from August 1. Some of these banks will charge fees for withdrawing and depositing cash, while some banks are preparing to increase the minimum balance. Those with savings accounts in Bank of Maharashtra have to maintain a minimum balance of Rs 2,000 in metro and urban areas, earlier this limit was Rs 1,500. In case of low balance, the bank will charge Rs 75 from account holders in metro and urban areas, Rs 50 in semi-urban areas, and Rs 20 in rural areas.
The activities that were halted due to the nationwide lockdown imposed on the spread of the coronavirus epidemic in the country have been opened in a phased manner. The process has been named unlock by the government. Today the second phase of unlocking is ending and the third phase will start from August 1. For this, the government has issued guidelines.
The government has given many reliefs in these guidelines. While the night curfew (ban on movement of people at night) has been lifted, on the other hand, gyms and yoga institutes have been allowed to open from August 5. In the containment zone, the government has said that strict lockdown will continue till 31st. However, many activities will continue to be banned outside the Containment Zone.
Who is not allowed, where restrictions will continue ...
In the Unlock-3 guidelines issued by the Union Home Ministry, it has been clarified that the ban on the operation of Metro Rail will still continue.
Amusement parks, cinema halls, swimming pools, theaters, auditoriums, and bars, etc. have also not been allowed to open yet.
All crowd gathering events and events will be banned. These include religious, political, sports, cultural, and entertainment-related events.
Schools, colleges and coaching institutes will also not open yet. The Ministry of Home Affairs has said that educational institutions will remain closed till 31 August.
Relief will not be available in Sukanya Samriddhi Yojana
Amidst the Corona crisis, the government announced that the accounts of the girls who turned 10 from March 25 to June 30, 2020, can be opened in the Sukanya Samriddhi Yojana till July 31. It will not benefit from August 1, 2020. It is known that Sukanya Samriddhi accounts can be opened only from the date of birth till the age of 10 years.
E-commerce companies have to tell which country the goods are made
The central government has issued notification of new rules regarding e-commerce companies. Now it is necessary to write on the products found on e-commerce companies where the goods are made. If a company does not follow this rule, action will be taken against it. Most companies have already started providing this information. These include companies like Flipkart, Myntra, and Snapdeal. DPI has asked all e-commerce companies to update the country of origin of their new product listings by 1 August. This will boost Make in India products.