BIG Money changes from today: LPG cylinder price, ATM cash withdrawal to maybe even income tax and PPF - this will impact your wallet
Budget 2021 getting presented on February 1 would definitely have a direct impact on the public in general. However, apart from the union budget, there are some other major changes, which is going to happen from February 1.
Budget 2021 getting presented on February 1 would definitely have a direct impact on the public in general. However, apart from the union budget, there are some other major changes, which is going to happen from February 1 and it will definitely have a big impact on the money matters of the Indians. Oil companies increasing LPG cylinder price, Punjab National Bank or PNB changing its ATM cash withdrawal rules for tis debit card holders to Air India starting new domestic and international flights are some of them. We list out below some big changes taking place from February 1.
LPG Cylinder Price
On every first day of the month, oil companies announce LPG price and hence this will be one of the big changes from February 1 as it has direct connection with the middle and lower class. In December 2020, oil companies had increased LPG gas price twice and kept the LPG gas cylinder price unchanged in January 2021. Hence, LPG price hike is widely expected from February 1.
Budget 2021 expected proposals on income tax, Public Provident Fund (PPF)
When Finance Minister Nirmala Sithaaman will stand to present the Union Budget 2021 in teh parliament, the salaried middle class can expect relaxation in income tax. Business community can expect tax cut in customs duty and import duty to boost 'Aatma Nirbhar Bharat.' The salaried middle class may get an increase in zero income tax liability cap increased by an additional Rs 50,000 to Rs 1,00,000, claims some media reports. Similarly, PPF cap for a particular financial year can be raised up to Rs 2.5 lakh while income tax exemption under Section 80C is expected to go up to Rs 3 lakh in the upcoming budget.
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PNB ATM withdrawal rule
Punjab National Bank (PNB) has already announced to change its ATM withdrawal rules that has been widely appreciated as it would help contain online bank fraud. Informing the PNB customers the public sector bank tweeted, "To protect our esteemed customers from fraudulent ATM activities, PNB will be restricting transactions (financial & non-financial) from Non-EMV ATM machines from 01.02.2021." So, from February 1, PNB customers won't be able to withdraw cash from Non-EMV machines.
Supreme Court to deliver verdict on Franklin Templeton Mutual Fund's Schemes
On 1st February, Supreme Court is going to hear Franklin Templeton Mutual Fund case in which the apex court is expected to deliver its verdict on the disbursal of funds in six closed mutual fund schemes of the fund house. The fund house had to face huge criticism from the unit holders of these six mutual fund schemes as it had asked from the unit holder to e-vote as to whether these schemes should continue or should be closed. After the criticism, the fund house closed these six schemes. The Supreme Court verdict on these six mutual fund schemes will have direct impact on around 3 lakh unit holders of these six schemes.
Air India to start new flights
Air India and its low cost subsidiary Air India Express have announced to introduce so many new flights from February 1. Air India Express has announced daily flights from Trichchi to singapore from February 1 to 27th March 2021. There will be further route connections like Kuwait to Vijawada, Hyderabad, Mangalore, Trichchi, Kozhikode, Kunnur and Kochchi.
PMC Bank deadline for new offer by investors
The PMC Bank management has decided to restore the lost pride of the bank by again starting its operations. In this regard they have asked their investors to give their new offer and for that the deadline is February 1st. Some of its investors like Centrum Group-BharatPe and UK-based Liberty Group have already given its offer to the PMC Bank.
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