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November 30, 2022

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Rule Change: These five big changes will be seen from June 1, know how the burden of your pocket will increase

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Important Money Changes In June 2022: After the decision taken by the Central Government, now more amount will have to be paid to insure the car according to the engine. According to the notification, not only for four wheelers, but also for two wheelers, the government has changed the rate of third party insurance premium.

There are only five days left for the month of May to end. Like every time, as the new month begins, there are some big and small changes to be seen. So this time also it is very important for you to know about the changes taking place in the beginning of June, because they are going to have a direct impact on your pocket. In these, from banking rules to buying gold, the rules will change. Let us know how the month of June is going to be heavy on your pocket.

1- Expensive third party insurance of vehicles
First of all, let’s talk about the first change that increases pocket money. So let us tell you that from June 1, 2022, third party insurance of vehicles is going to be expensive i.e. you will have to pay more insurance premium. These increased rates will be applicable to owners of not only four wheelers, but also two wheelers. The central government on Wednesday increased the premium rate of third party motor vehicle insurance.

Premium in terms of engine capacity
After the decision taken by the central government, now a higher amount will have to be paid to get insurance according to the engine of the car. According to the notification issued by the Ministry of Road and Transport, the premium for motor insurance was earlier increased for the year 2019-20. According to the ministry, now vehicles with engine capacity of less than 1,000 cc will have to pay a fixed premium of Rs 2,094 for third party insurance, as against Rs 2,072 in 2019-20. Apart from this, the third party insurance premium for cars from 1,000 cc to 1,500 cc has been increased from Rs 3,221 to Rs 3,416. There has been a marginal hike in third party insurance premium for vehicles above 1,500 cc to Rs 7,897 from Rs 7,890.

This premium fixed for two wheelers
According to the notification of the Central Government, not only for four wheelers, but also for two wheelers, the government has changed the rate of third party insurance premium. According to the notification, with effect from June 1, 2022, the premium for bikes ranging from 150 cc to 350 cc will be charged at Rs 1,366, while the insurance premium for two wheelers with engine capacity above 350 cc has been fixed at Rs 2,804.

2- Phase II of Gold Hallmarking
Now let’s talk about the other big changes. So let us tell you that the second phase of gold hallmarking will be started in the year 2022 from June 1, 2022. While sharing this information in the past, the government had said that from the beginning of June, the second phase of gold hallmarking will be started, under which it will be necessary to prove the purity of gold.

Three additional carats and 32 new districts
According to the report, the Consumer Affairs Ministry said that three additional 20, 23 and 24 carats of gold jewelery will also come under the purview of the second phase of mandatory hallmarking, besides 32 new districts. Where an Assay and Hallmark Center (AHC) will be established after the implementation of the first phase. Let us inform here that the first phase was started by the nodal agency Bureau of Indian Standards (BIS) by implementing mandatory gold hallmarking in 256 districts of the country from 23 June 2021. According to the report, more than 3 lakh gold jewelery is being hallmarked with Hallmark Unique Identification (HUID) every day in these districts.

3- Increase in SBI’s home loan rates
If you are a customer of State Bank of India (SBI) or you are planning to take home loan from SBI, then the beginning of the new month will increase the expenses for you too. In fact, let us tell you that SBI has increased its home loan external benchmark lending rate (EBLR) by 40 basis points (bps) to 7.05 per cent, while the RLLR will be 6.65 per cent plus CRP. According to the information shared on SBI’s website, these increased interest rates will be effective from June 1, 2022. It may be noted that earlier, the EBLR was 6.65 per cent, while the repo-linked lending rate (RLLR) was fixed at 6.25 per cent.

4- India Post Payments Bank charges applicable
India Post Payments Bank (IPPB) has said that the issuer fee for Aadhaar Enabled Payment System (AEPS) has been implemented. This fee will be implemented on June 15, 2022. India Post Payments Bank is a subsidiary of India Post, governed by the Department of Posts. Under the rules, the first three AEPS transactions every month will be free, including AEPS cash withdrawal, AEPS cash deposit and AEPS mini statement. After free transactions, every cash withdrawal or cash deposit will attract Rs 20 plus GST, while a mini statement transaction will attract Rs 5 plus GST.

5- Axis Bank will change the rules of savings account
Another major change that is going to happen from June 1 is the increase in the limit of average monthly balance in the account from Rs 15,000 to Rs 25,000 or Rs 1 lakh for easy savings and salary programs in semi-urban and rural areas. Fixed deposit has been made. For Liberty Savings Account, it has been increased from Rs 15,000 to Rs 25,000 or Rs 25,000. New tariff plan Will be effective from June 1, 2022.

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