The Indian Government has made some major financial changes that are going to be adapted from today. Most likely these changes will affect the lives of common people falling in the middle-class category, economically. Let’s see what these changes are.
Major Financial Changes Government Has Informed About
Bank operations in both private and public sector banks will be affected in March 2023. For 12 days the banks will be closed in March. They “will be closed on March 11 and 25, the second and fourth Saturdays, respectively, per the Central Bank of India’s list of holidays. The RBI calendar also indicated that there will be six bank holidays in March, except the four Sundays that fall on March 5, 12, 19, and 26.”
Social Media Rules
The IT rules were revised by the Government recently. So, the new rules are to be abided by famous companies like Facebook, YouTube, Twitter, and Instagram. These provisions will be in effect from March month. Posts related to factual errors and religious violence will cause offenders to pay hefty fines.
With the start of summer in advance of the travellers, the Indian Railways may alter the travelling schedule for major trains. So, “starting on March 1, the schedule for thousands of passenger trains and 5,000 cargo trains may be altered,” mentioned ABP News.
For famous exports, Banks in India are expected to increase the lending rates causing loans to become more expensive. This is because major banks in response to RBI’s repo rate hike have increased their MCLR rate. “In order to control retail inflation, the RBI raised the important benchmark policy rate by 25 basis points, to 6.5 per cent, earlier this year. Home loan and auto loan EMIs may thereby increase the burden on the average person starting on March 1,” mentioned ZeeNews.
LPG Price Hike
In effect from March 1, 2023, the price of 19 KG commercial LPG cylinders has been increased by ₹350.50. “A bottle of 19 kg commercial cylinder will now cost Rs 2119.50 in Delhi. Meanwhile, domestic LPG Cylinder 14.2 kg prices have been hiked by Rs 50. A bottle of 14.2 kg Domestic LPG cylinder would now cost Rs 1103 in Delhi.”