6 Changes To Impact Your Financial Lives Starting Today. Check Details
From bank EMIs, LPG cylinder rates to a hike in dearness allowance, several rules will impact your financial lives starting today. Check details here
The start of this month will see several new rules coming into play impacting your finances. Some of these changes include social media rules, EMIs, LPG cylinder rates, and more. It is important for the common man to know the changes to ensure that you deal with the changes that will come into effect from March.
Bank loans to get costlier
The Reserve Bank of India raised the repo rate last month in a bid to rein in inflation. Following that, many banks raised their Marginal Cost of Funds Based Lending Rate (MCLR) rates. The effects of a rise in repo rate – the interest rate charged by RBI on commercial bank borrowings – trickle down to personal loan borrowers and bank depositors. Banks will raise the interest rate on retail loans and the tenure of the loan; the higher the remaining tenure of the loan, the higher the EMI.
LPG price revision
The price of domestic LPG cylinders has been increased by Rs 50, to be sold at Rs 1,103. The price of commercial cylinders has also been hiked by Rs 350.50 and will cost Rs 2,119.50 in Delhi. The new rates are effective from today, news agency ANI reported.
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Banks to remain closed on certain days
Banks will remain shut for 12 days in March including the second and fourth Saturdays, and all Sundays. The month will witness big festivals like Holi, Navratri and Ram Navami. Due to this bank services will be restricted. Customers must plan their bank work based on the holiday list to avoid any inconvenience. However, most of the bank's services will remain available online.
New portal for social media complaints
The government on Tuesday launched the much-awaited Grievance Appellate Committee (GAC) mechanism, that will allow users to appeal against decisions of social media platforms by filing their complaints on a new portal. The GAC, in effect, is an online dispute resolution mechanism, and users aggrieved by a decision of the Grievance Officer of an intermediary, say Meta or Twitter, can file their appeal or complaint through the new portal https://gac.gov.in.
DA Hike from March 1 in this State
The West Bengal government on Friday issued a notification for the grant of dearness allowance (DA) to the employees, pensioners, and family pensioners at the rate of six per cent of the basic pay with effect from March 1, following the recommendations of the 6th Pay Commission.
The six per cent in DA is the total of the three per cent increase announced in December 2020 (meant for January 1, 2021 implementation) and a similar raise declared recently.
PAN-Aadhaar Linking Deadline
The Income Tax Department has issued a warning for PAN (Permanent Account Number) holders to link their PAN with their Aadhaar card, the deadline for which is set at March 31, 2023. If PAN is not linked with Aadhaar by March 31 it will become inoperative.