Rule changes coming into effect from October 1

October 3, 2020 Finance Talk Valli Sarvani No comments

Indian government proposed changes in many aspects of the economy. These new rules or rule changes came into effect from October 1, 2020.

Here are new rule changes:

The last date for getting a free LPG connection under the Pradhan Mantri Ujjwala Yojana (PMUY) was September 30, 2020. Starting from October 1, no free LPG connection is available under PMUY.
No physical copies of registration certificate, driving licence and other related documents as per new Motor vehicle rules. Vehicle drivers can maintain vehicular documents on the government’s online portal.
Vehicle drivers can use mobile phones for route navigation as long as it does not disturb the concentration of the driver while driving. This amendment is made in the Motor Vehicles Rules.
All sweet sellers will have to display best before the date even for loose sweets or non-packaged sweets available in their shop. The Food Safety and Standards Authority of India (FSSAI) made it mandatory and all sweet shop owners will have to adhere to these rules.
FSSAI banned blending of mustard oil with any other cooking oil.
As per the new guidelines of the RBI, all debit card and credit users will be able to register for preferences like as opt-in or opt-out services, spend limits for contactless card transactions, online and international transactions.
A new tax collected at source (TCS) regime will be applied on the amount transferred to foreign countries. Now 5 per cent tax will be levied on any amount sent abroad to buy foreign tour packages, and on other foreign remittance made above ₹7 lakhs.
No discounts will be given now for credit card payments at petrol pumps. However, the discounts on debit cards and e-wallets will continue. Oil companies introduced these discounts earlier to promote digital payments.
As part of Atmanirbhar Bharat initiative, the government levied 5 per cent import duty to improve the indigenous production. Hence, television sets become costlier.
New health insurance rules came into force. COVID-19 has been included in health insurance. However, the new rules are likely to increase the premium paid.