New financial year commences: changes implemented
Posted on: 01/Apr/2017 2:41:39 PM
With the new financial year 2017-18 starting today (Saturday, 1st April) several changes will be implemented in the various charges and tax ratios.
- The interest rates for PF (Provident Fund) and Small Savings are being reduced from today.
- Aadhar card details made compulsory for registration of new vehicles.
- The premium for vehicle insurance is up by maximum 41 percent.
- The budget announcement of a reduction in Income Tax for people with annual earnings between Rs. 2.5 Lakhs and Rs. 5 Lakhs from 10 percent to 5 percent comes into effect from today.
- A new scheme by the railways, Vikalp, is implemented from today – if the passengers on the waiting list do not get confirmed seats/berths even when the train starts will be allowed to travel on the next train to the destination.
- The toll gate charges are up by 1- percent in 394 toll gates throughout India including 20 toll gates in the state of Tamil Nadu.
- The Supreme Court order that only vehicles fitted with BS-4 technology should be allowed to ply on roads comes into effect from today.
- The system announced by the State Bank of India to charge the penalty for failure to keep a minimum balance in the bank savings account comes into effect from today. If the average minimum balance in the month in metro cities is below Rs. 5000 in metro cities, the penalty will be charged. For city branches, the minimum average balance is fixed at Rs. 3000. For village branches, it is Rs. 1000.
- The account holder will be permitted to deposit money in cash only 3 times in a month. For every additional deposit, Rs. 50 will be charged. If SBI ATMs are used more than 5 times in a month, Rs. 10 will be charged for each additional usage. If other ATMs are used it will be Rs. 20.
- 5 associate banks of the State Bank of India are merged with it from today.
