From August 1 major rules related to many financial services have come into effect that you should be aware of, as they impact your pockets directly. Well, I assume you should have already noticed that any major changes in guidelines either by a Private or Government Financial Organisation always come into effect from the first day of a month. So, there are major financial changes in many services that are to be in effect from today, August 1.
5 Major Financial Changes In Effect From August 1, 2022 Related To Financial Institution, Government Schemes And More:
Cheque Payment System of Bank Of Baroda
Bank of Baroda is making changes in its cheque payment system to make it more secure for its customers. Now the bank has adopted a ‘Positive Pay System’ under which the cheques of ₹5 lakh and above coming to get cleared are to be reconfirmed before payment. The customer who has issued the check will have to reconfirm it over a call, where he or she will provide essential details of the cheque with payment confirmation.
Here’s the tweet from Bank of Baroda which says, “Committed to ensuring the security of your banking. With a Positive Pay System, we are here to protect you from cheque fraud. Cheques of Rs. 5 lakh & above are confirmed before payment. So simply #BankSafe with #BankofBaroda.”
KYC Deadline For PM Kisan Yojana
For the convenience of the farmers, the e-KYC (Know Your Customer) deadline for Prime Minister Kisan Samman Nidhi Yojana (PMKSY) was already extended from May 31 to July 31. So, from today onwards the KYC is not allowed.
Prime Minister Fasal Beema Yojana (PMFBY)
The registration period for Prime Minister Fasal Beema Yojana (PMFBY) ended yesterday. Registration was offline and online both, but now the interested ones who have failed to register before today will not be able to avail of this plan now.
The first day of each month is for the revision of Liquified Petroleum Gas or LPG prices. Last time the prices of commercial gas cylinders were down and domestic cylinder prices were hiked. And this time also the price of a 19 Kg commercial cylinder is reduced by ₹36.
ITR Filing Last Date
The last date for filing the ITRs for the financial year 2021-22 and assessment year 2022-23 was July 31, and from now on the taxpayers will have to pay the penalties for filing ITRs. until the government extends the due date the taxpayers will have to pay the late fees.