5 changes that will impact your finances from November 1
From November 1, many rules including buying LPG cylinders will change. The rules will directly impact the common man. Most of these are meant to enhance your convenience. At the same time, some changes can also impact your pocket.
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FollowFrom November 1, the rules of many public utility services have changed, thus affecting the daily schedule of common people. You will have to adjust the changes as per new rules & regulations that have come into effect from today.
- Deadline for filing tax
The due date for submitting audit report-required tax returns for the fiscal year 2021–2022 has been postponed by seven days, moving from October 30 to November 7, 2022.
- Reduction of LPG cylinder price
Customers will be greatly relieved to hear that OMCs have announced a decrease in the cost of commercial LPG cylinders starting today, November 1. A 19-kg commercial LPG cylinder now costs Rs 1,744 in the nation's capital after a reduction of Rs 115.50 per cylinder. The cost of household LPG remains the same at Rs 1,053 for a 14.2-kg cylinder.
Also Read | RBI to commence pilot launch of Digital Rupee for specific use on November 1; check details
- RBI meeting on inflation and home loan
In response to the rising inflation, the Reserve Bank of India (RBI) has called an emergency meeting of its Monetary Policy Committee (MPC) on November 3. Economists predicted that throughout the next several MPC sessions, the central bank will continue its aggressive policy rate action.
Although the repo rate has increased by 190 basis points since May of this year, inflation has not yet reduced. According to the reports of the Ministry of Statistics and Programme Implementation, the Consumer Price Index (CPI) was used to compute India's headline retail inflation rate between July and September 2022, and the rate was 7%.
The MPC aspires to manage inflation at or below 6%, but during the past three quarters, it hasn't been successful. The loan agreement stipulates that if another rate hike takes place, banks will raise interest rates on home loans and other loan products that are linked to the repo rate as an external benchmark.
- Rate of interest by banks revised
The interest rate paid when the minimum average monthly amount is not maintained was changed by the private lender Indusland Bank. The bank will now charge 6% instead of 5% as it did before. From November 1, the lender will increase rates by 1%.
Also Read | Commercial LPG cylinder price slashed by Rs 115.50; Know latest rates in Delhi, Mumbai, other cities
- KYC mandatory for insurance plans
According to the insurance regulator IRDAI, KYC is now needed in order to buy non-life insurance plans. Up until this moment, claims over one lakh rupees in value were only subject to the need for life insurance and non-life insurance, such as health and automobile insurance. On the other hand, it will be necessary for everyone as of November 1.
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