Lagatar24 Desk
The changes in effect from today (that is September 1, Wednesday) include mandatory Aadhaar-PAN linking for SBI customers and a price hike in LPG gas cylinders.
From Aadhaar-PAN card linking to a potential rise in cooking gas prices, several changes are expected to the general public life from today (that is, September 1, Wednesday). As a new month begins, here is a list of important changes that will come into effect from today.
Mandatory PAN-Aadhaar linking
The State Bank of India (SBI) had earlier directed that linking the PAN card and the Aadhaar card was mandatory and had to be done within September 30. According to bank officials familiar with the development, there might be transaction-related issues in case an individual does not follow through with the directions. According to the erstwhile guidelines, the bank account had to be linked with PAN in the case of depositing over ?50,000 to the account.
Aadhaar-PF linking
From September 1 onwards, employers can also credit their contribution of the provident fund (PF) only if the employee’s Aadhaar number is linked to their Universal Account Number (UAN). The Employees’ Provident Fund Organisation (EPFO) amended Section 142 of the Code of Social Security, 2020, which has made the Aadhaar-PF linking mandatory for availing of various services, receiving payments, and seeking benefits, among others.
LPG price hike
Cooking gas prices are rising once again in early September, reports had indicated last month. Now, petroleum companies have hiked LPG cylinder prices once again by ?25; taking the price of a non-subsidised 14.2-kg cylinder in Delhi to ?884.50. The price of cooking gas had gone up by ?25 per cylinder on August 18. Earlier still, in July, the price of cooking gas was increased by ?25.50.
Since the cooking gas prices witnessed a surge for two months in a row, it was expected that the trend will continue in September as well. Since January this year, LPG prices have increased by ?165 per cylinder.
The new rates are effective from today. The price of a 19-kg commercial cylinder has also increased by ?75, which will now cost ?1,693 in Delhi.
New cheque clearance norm
The Reserve Bank of India (RBI) has laid down a new Positive Pay System for clearing cheques in 2020 in order to verify an issuer’s details for stopping any fraudulent acts. The system had, however, come into effect on January 1 of this year.
Axis Bank will adopt the new system from September 1 onwards; the private sector lender has already begun the process of informing its account holders of the rule via SMS. Customers who are issuing high-value cheques must now inform their respective banks before doing, under this new system for cheque clearance. This is meant to prevent bank frauds pertaining to issuing and clearance of cheques.
GSTR-1 filing guidelines
New rules are also being issued for goods and services tax (GST) networks from this month. The Goods and Service Tax Network (GSTN) has said that from now on, in order to file GSTR-1 in accordance with the rules, everything has to be submitted in line with Rule-59(6) of the Central GST Rule. According to these new protocols, no person can file GSTR-1 unless he fills up the GSTR-3B form.
(Courtesy: The Hindustan Times)
