Any changes made by banks and other institutions to their respective guidelines generally take effect on the first day of the following month.
Changes to some important rules will take effect from Monday, August 1. These rules directly impact the commoner's pocket, so it's important to understand what's changed.
Any changes made by banks and other institutions to their respective guidelines generally take effect on the first day of the following month. The following guidelines will be in effect in their updated form beginning August 1:
1) LPG rates: Liquefied petroleum gas (LPG) prices are revised on the first of each month. Last time, commercial gas cylinder prices were reduced while domestic cylinder prices were raised.
2) Bank of Baroda cheque payment system: As directed by the Reserve Bank of India (RBI), the Bank of Baroda (BoB) will implement a 'Positive Pay System' for cheques worth 5 lakh or more beginning on Monday. This entails the drawer of the bank reconfirming key details of the cheque, which will be cross-checked with the presented cheque when processing the payment.
Committed to ensure the security of your banking. With Positive Pay System, we are here to protect you from cheque frauds. Cheques of Rs. 5 lakh & above are confirmed before payment. So simply with pic.twitter.com/xPzDwjy8Jp
— Bank of Baroda (@bankofbaroda)
3) KYC for PM Kisan: The deadline for e-KYC (Know Your Customer) for Prime Minister Kisan Samman Nidhi Yojana (PMKSNY) has been extended from May 31 to July 31 for farmers' convenience. From today, KYC will be prohibited.
4) Registration for PMFBY: July 31 was the last day to register for Prime Minister Fasal Beema Yojana (PMFBY). Those who failed to register cannot participate in this plan. Registration was available both online and offline.
5) ITR return filing: The deadline for filing income tax returns for the fiscal year 2021-22 and academic year 2022-23 was July 31. Unless the government extends the due date, which is unlikely, a fine-cum-late fee will be charged for the late filing of ITRs beginning August 1.
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