The latest announced rules cover taxation, banking fees, investment options and more that needs to be taken into account.
With effect from August 1, there have been several major changes that have been announced in financial policies and banking regulations. With them, the consumers and investors would be impacted as the key changes cover sectors like taxation, banking fees, investment options and more. So check out the list of 8 changes and how they would affect you:
The National Payments Corporation of India (NPCI) has come up with fresh guidelines, which are effective from August 1. The major change is about the mandatory FASTag KYC requirements. From August 1, each FASTag user is required to update their KYC details until October 31, and more so, if their FASTag is between 3 to 5 years old. All
FASTags older than five years are expected to be replaced, and vehicle registration number and chassis number should be linked with the FASTag. New vehicle owners, within 90 days of purchase, should link their vehicle’s number to their FASTag. ALso,
FASTag providers are expected to upload high-quality photos of the vehicle, apart from linking each FASTag to a mobile number.
From August 1, any non-life insurance companies will have to finalise their decision on giving cashless authorisation within one hour of getting the request via the hospitals. As per the Insurance Regulatory and Development Authority of India (IRDA), the companies have been directed to place correct systems and procedures for prompt approvals by July 31, with an aim to make way for 100 percent cashless authorisation.
HDFC Bank has changed its credit card portfolio terms from August 1, and the lender will now charge a 1 percent fee on transactions made using third-party payment apps, including CRED, Paytm, Cheq, MobiKwik, and others, when done for rental and educational transactions. HDFC will also charge 1 percent on utility transactions above Rs 50,000.
From August 1, Google Maps is all set to lower its service charges by up to 70 per cent, with the billing also being changed from dollars to rupees.
Missed the deadline for filing ITR? As per the new tax regime, it will be considered default for you from August 1. You will not be able to choose the old tax regime even if you file a previous ITR until December 31, 2024.
Ola Electric IPO is all set to be open for subscriptions from August 1 to 6, and with it, the IPO is looking to raise roughly $740 million.
From August 1, registration for the Common Admission Test (CAT) will kickstart. The same was shared by the Indian Institute of Management (IIM)-Calcutta as part of its notification. Now candidates will be able to apply for the postgraduate and Fellow/Doctorate programs of the IIMs.
