Out-of-pocket expenses will increase; Big changes from July 1, new rules for banking, TDS, learning license came

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New Delhi : Let us tell you that in the coming July, some such new changes are happening, due to which its direct effect is going to be on your pocket money. Yes, this news is very important for all of you. From July 1, there are major changes in the rules of banking, TDS., license, cash withdrawal. The rate of interest available on small savings schemes is also going to change from the price of LPG, which is going to have a direct impact on your everyday life and your pocket. So let’s know, what are the big changes.

More money will be charged for check usage and cash withdrawal

This change is going to prove to be very costly for the common people. Withdrawal of cash is going to be expensive for SBI customers from July 1, as well as more money will have to be paid for using cheques. Let us tell you that from July 1, SBI is going to make changes in the rules. Due to which the expenditure out of the pocket of the common citizen is going to increase. Now, for withdrawing money from the bank more than four times, additional charges will have to be paid, which also includes the ATMs of the bank. After four withdrawals, you will have to pay a charge of Rs 15 plus GST on every withdrawal. All new service charges will be applicable to Basic Savings Bank Deposit account holders. These account holders will have to pay Rs 40 plus GST charge for taking 10 checks.

Have to use new IFSC code

Syndicate Bank has merged with Canara Bank, so now the bank’s IFC code is going to change from July 1. In such a situation, the branches of Syndicate Bank will work only till June 30, 2021 with the existing IFSC Code. After that you will have to use the new IFSC Code to deal with the Bank.

TDS, TCS will be deducted more

New changes happening one after the other are putting the common man in trouble. The Income Tax Department is preparing to collect more TDS, TCS from July 1 from those who do not file returns. This rule will be applicable to those taxpayers whose annual TDS is Rs 50,000 or more. For those who do not file income tax returns, there is a provision for tax deduction at the rate applicable. Minimum 5 percent or double of the rates given in the concerned section, whichever is higher, will be the rate.

If you want to make a learning license, then you have to apply online

According to earlier rules, we had to go to RTO for learning license but now it will not happen. Now you will not need to go to RTO to get a learning license. Along with applying online, the test can also be given from home. After passing the test, the learning license will reach your home. However, for a permanent license, the vehicle has to be shown driving on the track. The new system is being implemented in many states from July.

Interest can be cut on small savings

If you have invested in small savings schemes like PPF, National Savings Certificates or Sukanya Samriddhi, then the government can cut the interest rate. It is believed that the problem is being created due to higher interest on small savings schemes than banks. However, there is no confirmation from the government about this yet.

LPG prices may change

On the first of every month, the central government announces the price of LPG cylinder. Last month, the government had cut the price of 19 kg commercial cylinder by Rs 122. This time also, there is every possibility of a change in gas prices from July 1, as the price of crude oil continues to rise.

Vehicle prices will increase

In view of all the rising inflation, the automobile industry is also increasing its prices. After the rise in the prices of steel, plastic and aluminum, auto companies are going to increase the prices of vehicles from next month. Maruti has also announced to increase the prices of its vehicles. Hero MotoCorp has also decided to increase the prices of its two-wheelers from July 1. This will be the third hike from the company this year.

Unique identification of every piece of jewelery will be mandatory

This news is going to give relief to everyone. Now you don’t have to bear the risk of getting chirpy while wearing it. If the jewelry is stolen or lost, its real owner can be easily identified. Actually, just as all the citizens of the country have been identified through the UID in the Aadhar card, in the same way, from July 1, the government is going to make the Unique Identification (UID) of every piece of jewelry mandatory. Due to this, the problem of jewelry theft can be prevented.

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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