The month of August will be important for your money matters, know what is changing

new Delhi: Big changes are going to happen in your life from 1 August. Tomorrow i.e. Saturday, in your life, many matters related to money will be affected. Changes can be seen from Banking to Finance and LPG. We are telling you all the things that will change from August 1….

Buying a car will be cheaper
Yes yes You heard right Buying a vehicle from August 1 is going to be cheaper. The central government has decided to change the rules of compulsory insurance for cars and two-wheelers. In June, the Insurance Regulatory and Development Authority of India (IRDAI) withdrew the rule of long-term motor insurance package policy for vehicles. The rules related to IRDAI ‘Motor Third Party’ and ‘On Damage Insurance’ are going to change. According to the instructions of IRDAI, from August 1, new car buyers will not be forced to take insurance for 3 and 5 years.

Many banks have changed the rules of minimum balance
The rules are going to change from August 1 on the minimum monthly balance in some bank savings account. Axis Bank, Bank of Maharashtra, Kotak Mahindra Bank, RBL Bank have decided to change the transaction rules from August 1. Some of these banks will charge fees for withdrawing and depositing cash, while many are preparing to increase the minimum balance.

Expired reduced contribution to EPF
Employers and their employees, who are not getting the benefit of contribution from the government under the PM Poor Welfare Package under the Employees Provident Fund Organization (EPFO), for three months may, June, July, The EPF contribution for employment is 10-10 per cent. This period ends on 31 July, that is, if the government does not announce to extend this relief period, then from 1 August the EPF contribution for the employees and employees who are not covered under the PM Garib Kalyan Package will again be 12- Will be 12 per cent.

There will be a change in the rate of LPG LPG
Oil marketing companies announce new prices of LPG LPG cylinder and air fuel on the first date of every month. The prices have been increasing for the last few months. On August 1, LPG prices may increase.

Country of origin on product
The rules for e-commerce companies to show their country of origin on the product from August 1 can come into force. Country of origin means where the product is made. The new rule will apply to all electronic retailers registered in India or abroad but offering goods and services to Indian customers.

read this also: This is how you can earn millions of rupees while sitting at home, Coronakal is the most powerful business

Unlock 3.0 starting tomorrow
The Union Home Ministry has issued guidelines for Unlock 3.0 going to be implemented across the country from August 1. Under these, several other activities have been allowed outside the corona virus (COVID-19) containment zones. At the same time the lockdown in Containment Zones has been extended till 31 August. Under the new guidelines, Yoga Institute, Gym in Unlock 3.0 in the country will be open from August 5. The Ministry of Health will issue SOP in this regard. However cinema hall, swimming pool, entertainment park, theater, bar, auditorium, metro, assembly hall will remain closed till 31 August.


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