24-hour transaction facility from NEFT
The RBI had asked banks to withdraw the fees on NEFT, which came into force from January 2020. Due to this, digital transactions have increased by 3 times in the last 12 months. The government has also abolished the MDR charges on RuPay and UPI payments.
OTP in ATM transactions
SBI has introduced OTP facility in ATM withdrawals. This will help prevent fraudulent transactions from ATMs. Many other banks have also introduced this facility.
Chance to take more salary home
The government has also given the option to bring more salary to the employees from February 2020 by reducing contribution to EPF. Right now 12 percent of salary goes to EPF. But the employee can reduce it so that his take home salary increases.
Revival period increased from 2 to 3 years
The government has extended the revival period of ULIP policy from 2 to 3 years from February 2020. If you have stopped paying premium, you can start the policy again in 3 years. Due to marriage, higher education or illness, 25 percent of the insurance money can also be withdrawn after 5 years of the policy. There will be no charge on this. Even after surrendering the policy, you will get more money than before.
New income tax regime
The government introduced a new income tax system from April 1, 2020, in which the taxpayer will have to pay tax according to the entire income without claiming any tax exemption. Tax slabs have been reduced in this.
Investor will have to pay tax on Dividend of Mutual Fund.
Changes in tax rules of charitable trusts
The government changed the income tax rules from 1 June 2020 with the renewed registration of Charitable Trust and other such entities. The Income Tax Department will check whether these entities claiming tax exemption are actually doing any charitable tax or not.
SEBI enforces new brokerage rules
SEBI introduced new brokerage rules from September 1. He tightened the margin rule so that brokers are not able to take advantage of it during the sharp fall in the stock market. Also, shares purchased today can be sold on the very next day with some conditions.
Auto insurance will not have to be done for many years
The Insurance Regulatory Irda (IRDAI) has withdrawn the rule of taking a 3-year lump sum and 5-year insurance of the bike from August 2020. This reduced the burden on customers in buying bikes or cars. From August 1, it was mandatory for e-commerce companies to mention the place of manufacture on every product.
It is not necessary to carry DL-RC
Compulsory for vehicle drivers to keep documents of Driving License (DL) or Registration Certificate (RC) with effect from October 1, 2020. It would be considered sufficient to show a digital copy of them securely in an app like Digilocker or Mparivarthan. It was also compulsory for sweet sellers to write the best before date.
RTGS also 24 hours
The government has started RTGS for 24 hours from 14 December 2020. This amounts to more than two lakh rupees. For this lesser amount, NEFT can be transacted on NetBanking.
New system to check fraud
The RBI is starting a positive pay system from 1 January 2021 to prevent fraud from checks. In this, the issuer on checks worth more than 50 thousand rupees will have to verify all the information like important account number through SMS, bank app or internet banking.