From today (October 1), many rules ranging from Income tax, home loans, credit/debit card use, driving license, health insurance are going to change and these changes are going to affect the lives of common man in a big way. Since these rules are going to affect your everyday life, it is important to know more about these changes in detail.
Here are some rules that are going to change from October 1.
Changes in Driving License and RC rules
As per the Centre, 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 Centre has said that these 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.
Use of handheld communications devices
The government has announced that maintenance of vehicular documents, including driving licences and e-challans, will be done through an information technology portal from October 1, 2020. The use of handheld communications devices while driving will now be allowed only for route navigation in such a manner that it shall not disturb the concentration of the driver while driving.
New debit card, credit card rules
All banks have been directed by the Reserve Bank of India to not unnecessarily give international facilities to customers’ cards, unless the customer himself demands it. The customers will now get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions.The debit and credit card servies will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals. Both debit and credit holders will now be allowed to set up transaction limit. The card holders will have option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.
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. These discounts were introduced by oil companies around two years to promote digital payments. The good news is that discounts on debit cards and other modes of digital payments will continue for now.
Rates for home, car loans
Banks have been ordered by the RBI 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.
The corporate tax cut announced by Union Finance Minister Niramala Sitharaman to boost the faltering economy will get implemented from October 1.
High security number plate, colour coded fuel plate
The Delhi government’s transport department has started online registration for the process applying of high-security number plates, making it easier for the residents of Delhi. Now, the car owners can register for number plates by visiting the official website of Delhi’s transport ministry and filling in the required credentials from October 1.
A lot of changes are set to be implemented in the health insurance sector from October 1. The new rules apply to waiting period after getting health insurance, claim rejection by the companies, inclusion of many more illnesses in the health cover. It is expected that the premium paid on health insurance may also go up after the implementation of new rules.