From Tuesday (October 1), you are going to witness changes in many rules related to our day-to-day lives. Since these rules are going to affect your everyday life, it is important to know more about these changes in detail.
Prime Minister Narendra Modi-led government at the Centre recently made a change in issuing vehicle Registration cards (RCs) and driving licenses (DLs) in the country. It is likely that you would have to update your driving licenses.
Also, credit card payments done to buy fuel at petrol pumps will not get any discount from October 1. For big businesses, the corporate tax cut announced earlier by Union Finance Minister Niramala Sitharaman will come into effect from October.
1. Big update in DL and RC rules
Uniform vehicle Registration cards (RCs) and driving licenses (DLs) will be issued across India from October 1. The new driving license will have an advanced microchip with features like Quick Response (QR) code and Near Field Communication (NFC).
The changes will help the government retain records and penalties of the DL holder up to 10 years on the centralised online database. The new DL will also help the government in maintaining records of differently abled drivers, changes done to the vehicles and the person’s declaration to donate organs.
As for RCs, the government is set to make this process paperless from October 1. The new RC will have the owner’s name printed on the front while the microchip and the QR code would be embedded at the back of the card.
2. End of discounts for credit card users at petrol pumps
No discount will be given for credit card payments done to buy fuel at petrol pumps from October 1. The oil companies had introduced these discounts using credit/debit cards and e-wallets to promote digital payments. The good news is that discounts on debit cards and other modes of digital payments will continue for now.
3. Rates for home, car and personal loans to come down
The Reserve Bank of India (RBI) had made it mandatory for banks to link their retail and MSME loans to external interest rate benchmarks and the launch of this product means that rates for home, car and personal loans will come down.
4. SBI To Reduce Average Monthly Balance, Penalty On Not Keeping average monthly balance
State Bank of India is set to reduce the average monthly balance. For anyone having account in metro and urban centre, the AMB will be Rs 3,000 while for Rural branches it will be Rs 1000. The charge for failing to maintain this amount will also be reduced. If a customer fails to maintain Rs 3,000 as AMB in metro and urban centre branches, and falls short by 50 per cent, the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 50-75 per cent, he/she will have to pay a fine of Rs 12 plus GST. If the account holder falls short by more than 75 percent, it will invite a penalty of Rs 15 plus GST.
5. Corporate tax cut to be implemented
The corporate tax cut announced by Union Finance Minister Niramala Sitharaman will get implemented from October 1.