By Abhishek Sharma, BW Businessworld Correspondent
These rules and regulations are going to facilitate the daily functioning of several sectors of the nation including the Indian public.
The Government of India (GoI) is going to implement a few policies regarding the banking and finance sector, coming into force from today, September 1, 2021.
These rules and regulations are going to facilitate the daily functioning of several sectors of the nation including the Indian public.
Now, here is more information about the new rules that are coming into force from September 1, 2021:
Updated Provident Fund (PF) rules: As per the new and updated regulations, Provident Funds (PF) subscribers will be required to link their Aadhaar card with their PF account till September 1, 2021. In case they fail to do that, subscribers will not get any advantages of EPF benefits.
However, in case a PF account is not linked to Aadhaar and Universal Account Number (UAN) is not Aadhaar verified, in that case, the ECR-Electronic Challan cum Return won’t be filed for the said PF account. This implies that they are not going to get the employer’s share of the contribution to their provident fund.
Linking of PAN card with Aadhaar: The Central Government has increased the deadline for the public to link their Aadhar Card with Permanent Account Number (PAN) to September 30, 2021 from June 30, 2021, which was later extended by three months. Now, citizens will have to link their PAN with Aadhaar before September 30.
Latest GST rules: The Goods and Services Tax Network (GSTN) in its new advisory stated that Rule-59 (6) of Central Goods and Service Tax (GST) Rules which permits for restriction on the filing of GSTR-1 will be coming into force from today (September 1, 2021).
A registered person is not going to get the permit to provide the details of outward supplies of goods or services or both in Form GSTR-1, in any case, that person has not submitted the return in Form GSTR-3B for the past two months, according to the latest rules.
Liquefied Petroleum Gas (LPG) Price Changes: Amid the price rise in the LPG prices, from September 1, 2021, onwards, the prices of cooking gas LPG are going to change. Also, the government in the month of July this year increased the LPG price by Rs 25.50. Meanwhile, it was also increased by Rs 25 per cylinder on August 18, 2021. Now a cylinder of non-subsidized LPG is hiked by Rs. 25. The 14.2 KG cylinder will cost Rs 884.5 in Delhi and Mumbai.
Positive Pay System of Reserve Bank of India (RBI): This particular policy has already gone into effect on January 1, 2021. The Reserve Bank of India’s (RBI’s) Positive Pay System comes into existence to secure and safeguard the banks and account holders against check frauds. There are several banks that have already adopted this policy, meanwhile, Axis Bank is going to initiate this policy from September 01, 2021, onwards. Apart from that, the Central Bank has already directed that RBI will only accept the cheques which are registered in the Positive Pay System.
Mandatory car insurance: The Madras High Court has directed that car insurance of 5 years is necessary when anyone buys a new car for 5 years.
New regulations for Punjab National Bank (PNB) savings accounts: From September 1, 2021, PNB is all set to decrease the interest rates on its savings accounts. Hence, the new interest rate by PNB is fixed at 2.90 per cent per annum. This rule is going to be applicable for both existing and new savings account holders.
Bharat series (BH-series): The Ministry of Transport has launched a new registration mark for the new vehicles, named the ‘Bharat series (BH-series)’. Hence, according to this, if any vehicle has this registration mark, there will be no need to have any other or new mark, and owners can shift their vehicle from one state to another in the entire nation.