New Rules From October 1: The arrival of October meant many changes in rules related to our day-to-day lives. These rule changed from Tuesday, October 1. As these rules are connected to your everyday life, it is important to find out and keep tracks on these changes. Government made a big change in issuing vehicle Registration cards (RCs) and driving licenses (DLs) in the country. This may lead you to update your driving licenses. While SBI users will get some respite from the new norms being implemented. Also, credit card payments done to buy fuel at petrol pumps will not get any discount from October 1. For big businesses, the corporate tax cut announced by Union Finance Minister Niramala Sitharaman will get implemented from this month.
1. No More Discounts For Credit Card Users At Petrol Pumps
From October 1, credit card payments done to buy fuel at petrol pumps will not get any discount. In order to promote digital payments, state-owned oil companies had introduced these discounts using credit/debit cards and e-wallets more than two-and-a-half years ago. However, discounts on debit cards and other modes of digital payments will continue for now.
2. Rates For Home, Car And Personal Loans To Come Down
The Reserve Bank of India (RBI) had made it mandatory for banks to link their retail and MSME loans to external interest rate benchmarks effective October 1 for faster transmission of rate cut to borrowers. With the launch of this product, rates for home, car and personal loans will come down.
3. SBI To Reduce Average Monthly Balance, Penalty On Not Keeping AMB
State Bank of India will reduce the average monthly balance. For anyone having account in metro and urban centre, the AMB will be Rs 3,000 while for Rural branches it will be Rs 1000. The charge for failing to maintain this amount will also be reduced. If someone does not maintain Rs 3,000 as AMB in metro and urban centre branches, and falls short by 50 per cent, the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 50-75 per cent, it will invite a fine of Rs 12 plus GST. If the account holder falls short by more than 75 percent, it will invite a fine of Rs 15 plus GST.
4. Big Update In DL and RC Rules
Government would be issuing uniform vehicle Registration cards (RCs) and driving licenses (DLs) in the country from October 1. The new driving license will have an advanced microchip with features like Quick Response (QR) code and Near Field Communication (NFC).
This will help the government retain records and penalties of the DL holder up to 10 years on the centralised online database. Records of differently abled drivers, changes done to the vehicles and the person’s declaration to donate organs will also be on the new DL.
As for RCs, the government will go paperless starting October 1 with the paper-based registration certificate being ditched. The new RC will have the owner’s name printed on the front while the microchip and the QR code would be embedded at the back of the card. The RC will also carry similar features as the new driving license.
5. Corporate Tax Cut To Be Implemented
The corporate tax cut announced by Union Finance Minister Niramala Sitharaman will get implemented from October 1. The government slashed the corporate tax rate to 22% from 30% for existing companies, and to 15% from 25% for new manufacturing companies.