Several new rules in relation to policy, banking and finance will be effective in the country from tomorrow, i.e, September 1, 2021. Implementation of new rules will facilitate the day-to-day functioning of various sectors in the country. Also, these updated rules will have a major impact on the lives of the common man or citizens of the country. Hence, it becomes important to know about these changes in detail
Here are the details about new rules to come into effect from September 1, 2021
Linking of PAN card with Aadhaar
The government has extended the deadline for citizens to link their Permanent Account Number (PAN) with Aadhaar till September 30, 2021. The deadline earlier was June 30, 2021, which was later extended by three months. However, now citizens are required to link their PAN with Aadhaar till the said date.
New GST rules
The Goods and Services Tax Network (GSTN) recently announced in its advisory that Rule-59(6) of Central GST Rules which provides for restriction on the filing of GSTR-1 will come into effect from September 1, 2021. According to the new rule, “a registered person will not be allowed to furnish the details of outward supplies of goods or services or both in Form GSTR-1 if he or she has not furnished the return in Form GSTR-3B for the preceding two months.”
According to the updated rule, PF subscribers must link their Aadhaar card with their PF account till September 1, 2021, failing which they will not be able to avail EPF benefits.
Moreover, if a PF account is not linked to Aadhaar and UAN is not Aadhaar verified, then the ECR-Electronic Challan cum Return will not be filed for the said PF account. This means they will not be able to get the employer’s share of the contribution to their provident fund.
Change in LPG prices
The LPG cooking gas prices are going to change from September 1, 2021. LPG rates have already witnessed two consecutive months of rising prices. Notably, in July, the LPG price was increased by Rs 25.50 whereas it was hiked by Rs 25 per cylinder on August 18 this year.
RBI’s Positive Pay System
Although the Reserve Bank of India (RBI’s) Positive Pay System came into effect on January 1, 2021, several leading banks of the country did adopt the new system. It was implemented to safeguard citizens and banks against cheque fraud. However, Axis Bank will implement the same from September 1 onwards.
Interestingly, RBI has announced that it will accept only those cheques that are registered in the Positive Pay System.
New rule for PNB savings account
From tomorrow, i.e., September 1, 2021, Punjab National Bank (PNB)is going to reduce interest rates on its savings deposits. The new interest rate is fixed at 2.90 percent per annum and will be applicable to both existing and new savings account holders.
Insurance for cars to be made mandatory
The Madras High Court has made it mandatory to have bumper to bumper insurance on the purchase of every new car for 5 years. However, this updated rule might push the prices of cars higher.
Bharat series (BH-series)
The transport ministry has introduced a new registration mark for new vehicles i.e., “Bharat series (BH-series)”. Therefore, any vehicle having this registration mark will not be required to have a new registration mark even when the vehicle shifts from one state to another in the country.