Starting Tuesday (October 1), you will see changes in many rules related to our day-to-day life. Since these rules will affect your daily life, it is important to learn more about these changes.
The government led by Prime Minister Narendra Modi at the Center recently made a change to the issuance of vehicle registration cards (RC) and driver’s licenses (DL) in the country. You will likely have to update your driving licenses.
Additionally, credit card payments made to purchase fuel at gas pumps will not be discounted starting October 1. For large companies, the corporate tax cut previously announced by the Union’s finance minister, Niramala Sitharaman, will take effect from October.
1. Big update on DL and RC rules
Uniform Vehicle Registration (RC) Cards and Driver’s Licenses (DL) will be issued throughout India from October 1. The new driver’s license will have an advanced microchip with features like Quick Response Code (QR) and Near Field Communication (NFC).
The changes will help the government retain the records and penalties of the driver’s license holder for up to 10 years in the centralized online database. The new driver’s license will also help the government keep records of drivers with disabilities, changes made to vehicles and the person’s declaration of organ donation.
Regarding CRs, the government is ready to make this process paperless as of October 1. The new RC will have the owner’s name printed on the front, while the microchip and QR code will be embedded on the back of the card.
On live Tv
2. End of discounts for credit card users at gas pumps
No discount will be given for credit card payments made to purchase fuel at gas pumps starting October 1. Oil companies had introduced these discounts using credit / debit cards and electronic wallets to promote digital payments. The good news is that discounts on debit cards and other digital payment modes will continue for now.
3. Home, auto and personal loan rates will drop
The Reserve Bank of India (RBI) had forced banks to link their retail loans and MSMEs to external interest rate benchmarks and the launch of this product means that the rates of the home, auto and personal loans will go down.
4. SBI to reduce the average monthly balance, penalty for not maintaining the average monthly balance
State Bank of India is set to reduce the average monthly balance. For anyone who has an account in the metro and urban center, the AMB will be Rs 3,000, while for rural branches it will be Rs 1,000. The charge for not maintaining this amount will also be reduced. If a customer fails to keep 3,000 rupees as AMB in the inner city and metropolitan branches, and falls short by 50 percent, they will be charged 10 rupees plus GST. If the account holder falls short by more than 50-75 percent, he will have to pay a fine of Rs 12 plus GST. If the account holder falls short by more than 75 percent, he will be fined Rs 15 plus GST.
5. Reduction of corporate tax to be applied
The corporate tax cut announced by the Union’s Finance Minister Niramala Sitharaman will be implemented from October 1.
.
