From Gold purchase, Aadhaar, debit cards, ATM to Fastags, here are the top 9 changes you need to know
New year is all about new beginnings and this year, 2020, there are lots of changes that are going to happen regarding your financial life.
New year is all about new beginnings and this year, 2020, there are lots of changes that are going to happen regarding your financial life. These will be related to your Aadhaar, ATM, Insurance and other things, So here are those essential changes without which you can't start a new chapter on life on-the-go!
Changes in rules while Purchasing Gold!
There will be changes in rules for purchasing gold this year. Government is going to start with the process of Hallmarking from this year. Hallmarking is a sign of purity and will be mandatory from January 15, 2021 on gold. No jeweller will be allowed to sell gold without it, if tried, so notice will be sent to the jeweller. Photo: Reuters
Senior Citizen Saving Scheme
Senior Citizens Savings Scheme is offered to Indian residents aged over 60 years. The deposit matures after 5 years from the date of account opening. So withdrawal isn't possible before 5 years. Depositor gets high interest rate in this scheme as compared to FD in banks.Photos from Pixabay
Rules will be changed in Insurance Policy
According to the instructions by IRDA to insurance companies, rules for life insurance policy will be changed from February 2020. After the implementation of the rules, Premium will be costlier and guaranteed returns will be less. There's a possibility that maturity amount withdrawal will be increased from 33% to 60%. Policy purchaser will also get the option for guaranteed returns. Minimum life cover will be reduced for Ulip investors.Photo: Reuters
Cars will become costlier
From 1st January, cars will become costlier as Auto sector is going to increase the prices of the cars after the implementation of BS-VI. Maruti, Tata and Hyundai also already announced about the price hike. Mahindra and Mahindra is also planning raise the price. The reason behind the price hike is Rupee slide against Dollar.
Fridges and ACs will become costlier
This year, the price of AC and Fridge will increase. The prices of Fridge will soar to Rs 6000 and 5 Star AC and Fridge above 165 litre will become costlier. Implementation of Energy Levelling Norms resulted the price hike. Now vacuum panel will be used in Fridge and AC , instead of foam for cooling.Photo: Reuters
Fastag is mandatory!
The National Highway Authority of India (NHAI) started the electronic toll collection through FASTag from December 15. As instructed by Government, you will need it by January 15, 2020.Over 1 crore Fastags has been issued so far. If you don't have a Fastag, you will be charged double the amount of toll fee.Photo: Reuters
One Nation One Card
Through One Card One Nation, Government has presented a new Ration Card standard format and told states to emulate this format which is going to launch on 1st June 2020.The ration cards issued by different states and Union territories will have similar, standard, format. On the basis of old card you can issue a new ration card and you will also get discount if you purchase anything from new ration card.Photo: Reuters
PAN will be useless without Aadhar!
The deadline to link the PAN with Aadhaar is extended till 31 March 2020 by the Central Board of Direct through an order. Now, those people who had failed to link their Aadhaar card with their PAN card, have three months more time to do the linking. if someone fails to meet the new PAN-Aadhaar linking deadline of 31st March 2020, their income tax return or ITR will get rejected and their PAN card will become inoperative. Photo: Reuters
Debit/ Credit card with Magnetic Stripe will not work after 31st of December. RBI has issued guidelines saying that it is compulsory for all Indian Banks to replace their debit and credit cards with chip-based EMV cards.Your card's won't be block but you won't be able to withdraw money from ATMs: Photo: Reuters