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Changing rules from 1 July 2022

Changing rules from 1 July 2022

                         Many rules related to money are changing from 1 July 2022, it will have a direct effect on your pocket, know what will change

                  From 1 July 2022, many important rules attached to your life are going to change. Changes to the new rules can have a direct impact on your pocket and household budget. Let me tell you that on July 1, the required 10 rules related to LPG, Demat Account, PM Kisan Yojana, and Finance are going to be changed. Let us know about it

[1] Central government extends deadline for eKYC

            EKYC is required to avail the benefits of the scheme. The government has extended the deadline to update eKYC. Information about this is given on PM Kisan Portal According to the flash on the website, 'eKYC has been extended till 31st July 2022 for all PMKISAN beneficiaries'. Earlier its deadline was set for 31 May 2022. The government has made this announcement in the interest of farmers so that more and more farmers can avail the benefits of this scheme.

[2] Changes to the rules bank :

                 The RBI has given three months to implement some of the new rules for credit, debit and co-branded cards from June 30. I.e. an extension has been granted. The deadline for implementation of the provisions will now come into effect from 30 September 2022. According to the RBI, it was decided that some of the rules relating to credit, debit and co-branded cards, which are going to come into force after June 30, will now come into force from October 1, 2022.

The new Labor Code will take effect next month

The central government is preparing to implement 4 new labor codes from July 1. The implementation of the new Labor Code will see major changes in every industry and office in the country. Most importantly, the implementation of the new Labor Code will see a change in the employee's working hours, hand pay and provident fund (PF). The report makes it clear that the government is considering implementing a new Labor Code from July 1. But no official notification has been issued yet. The new Labor Code will have an impact on social security such as daily wages, salaries, pensions and gratuities, labor welfare, health, working hours, holidays, etc.

[3] Driving license rules change

               If you are also thinking of creating or renewing your driving license, this news is for you. The Central Government has made changes in the rules for making driving licenses. According to the revised rules for making a driving license, you will no longer need to go to the RTO and take any kind of driving test. The new rules will be implemented by the Union Ministry of Road Transport and Highways from July 1, 2022. Millions of people waiting on the waiting list to get a driver's license will be relieved after the new rules come into force.

[4] aadhar -pan linking:

             If you have not yet linked your Aadhaar card with PAN card, in any case, do this before 30 June 2022. Because after June 30 you will have to pay a double penalty. From 1st April 2022, Aadhaar will have to pay a penalty of Rs.500 for linking with page number. But if you do not link by June 30, 2022, you will have to pay a fine of Rs 1,000 from July 1. The CBDT said that in order not to inconvenience the taxpayers, they are being given the facility that they can link Aadhaar with PAN till March 31, 2023. However, fines will have to be paid.

EMI will be expensive:

             From July 1, 2022, EMIs will become more expensive for those home loan customers whose home loan reset date is July 1, 2022. EMI for home customers will go up from July. All banks and housing finance companies have hiked home loans following the RBI's decision to raise repo rates. And those whose home loan reset date is July 1 will have to pay more EMI than this month. Suppose you have previously paid Rs. If you have taken a home loan of Rs 20 lakh, you need Rs. An EMI of Rs 15,808 has to be paid. Now after raising the interest rate on home loans by half a per cent, you will have to pay an EMI of Rs 16,419 at 7.75 per cent. This means an additional burden of Rs 611 per month and an additional burden of Rs 7332 throughout the year.

[6] Demat account KYC:

            If you have not KYC your demat trading account, you now have until June 30, 2022. You can apply for KYC for demat trading account till 30th June. According to stock market regulator SEBI, KYC of existing demat account and trading account can be done till June 30, 2022. This is a one time extension and demat account holders who have not been able to KYC their demat account so far during this period will have to do KYC. Each demat account is required to do KYC with six details. But not all demat accounts have been updated with the six KYC standards yet. The demat, trading account holder needs to update these six KYC features. These include name, address, PAN, mobile number, valid email id, income limit. All 6-KYC facilities have been made mandatory for new demat accounts opened from June 1, 2021.

[6] Single Use Plastic Ben:

              The government has completed preparations to ban the use of single use plastics in the country. To this end, the government, in collaboration with the Central Pollution Control Board (CPCB), has enacted strict legislation. The CPCB has adopted a number of measures in phases, ranging from reducing the supply of raw materials to providing supply reduction options. The Pollution Board has clarified that strict action will be taken if the sale of single use plastics is seen from July 1.

Important Link

Change in the price of a gas cylinder

           The country's state-owned oil companies fix the price of LPG cylinders on the first of every month. Gas prices may go up and relief may be available from July 1. On June 1, Indian cylinders became cheaper by Rs 135. The reduction in the price of commercial cylinders was made by petroleum company Indian Oil, while consumers of domestic LPG cylinders did not get any relief.

If you live in Delhi and have your own home, you have to pay property tax to the Delhi Municipal Corporation (MCD) every year.

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