Major changes that will have a direct impact on your pocket post Union Budget 2022
The Union Budget will be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha at 11 am on February 1.
FollowFinance Minister Nirmala Sitharaman is scheduled to present the Budget for 2022-2023 on February 1. The Economic Survey is slated to be presented on January 31. With this the country will also witness many important changes in the banking sector, effective from February 1, 2022. These changes are sure to affect your pocket.
State Bank of India (SBI): SBI has announced that it has increased the Immediate Payment Service (IMPS) limit for money transfers done at its bank branches. According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been added: Rs 2 lakh to Rs 5 lakh. The charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST, according to the website.
Bank of Baroda: The cheque clearance rule is one of the changes taking place from February 1. Bank of Baroda customers will have to follow the positive pay system for cheques, i.e information related to the cheque will have to be sent to the bank, only then it will be cleared. To be noted -- these changes are for cheque clearance above Rs 10 lakh.
Also read: Budget 2022: No ‘Zero Hour’ on January 31 and February 1 in Lok Sabha due to President’s address
Punjab National Bank (PNB): PNB has announced to levy a penalty of Rs 250 in case of installment or investment paying fails due to lack of money in your account. Till now the penalty for paying installments late was Rs 100.
Gas cylinder price: Commercial cooking gas price has been hiked several times in the last year, burning a deep hole in the pockets of the common man. Prices of LPG gas cylinders may change post budget 2022 depending on the price of crude on the worldwide market. However, assuming that the price change is implemented, an official notification will be issued soon.
The Union Budget will be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha at 11 am on February 1. The Budget session is perhaps the most crucial sitting of Parliament, and also its longest.
