Many significant changes have occurred in the country since March 1, 2024. These include changes in FASTag rules, increases in LPG cylinder prices, and changes in banking rules. These changes will directly impact the average person’s pocketbook.
Changes in FASTag rules
From March 1, having a minimum balance of Rs 150 for FASTag transactions has become mandatory. You will have to pay transaction charges if you do not have a minimum balance in your FASTag account. Apart from this, charges will also be levied on FASTag recharge.
Increase in LPG cylinder prices.
On March 1, LPG cylinder prices have increased by Rs 50. After this increase, the price of a 14.2 kg non-subsidized LPG cylinder has become Rs 1053 in Delhi.
changes in banking rules
There have also been some changes in banking rules from March 1. Now, it will be mandatory for banks to provide transaction information to their customers through SMS and email. Apart from this, banks will also have to inform customers about ATM withdrawals and transaction charges.
Changes in GST rules
From March 1, 2024, business people with a turnover of more than Rs 5 crore must provide e-invoice details for all B2B transactions. If he provides the information, then he will be able to issue an e-way bill. According to the Goods and Services Tax system in India , an e-way bill is required for goods worth more than Rs 50,000.
Paytm Payments Bank
Reserve Bank of India (RBI) has directed to ban Paytm Payments Bank Limited (RBI Ban On Paytm Payments Bank). The deadline for this ban is March 15, 2024. In such a situation, RBI has advised that the customer should transfer the amount present in Paytm Payments Bank to another account before March 15.
What impact will these changes have on the commoner?
Changes in FASTag rules may cause problems for those who use FASTag. They have to maintain a minimum balance in their FASTag account and pay the charges on recharge.
The increase in LPG cylinder prices will increase the burden on the commoner’s pocket. An increase in the prices of LPG may also increase the prices of food items.
Changes in banking rules will make it easier for customers to get transaction information. This will also help customers avoid fraud.
What to do to avoid these changes?
To avoid changes in FASTag rules, you must maintain a minimum balance in your FASTag account and pay the fee on recharge.
You can avail subsidy on gas cylinders to avoid the increase in LPG cylinder prices. Apart from this, you can also take measures to save gas while using the cylinder.
You need to update your bank account information regularly to avoid changes in banking rules. Furthermore, it would help to exercise caution while making transactions and remain alert to avoid fraud.
