New Delhi: Beginning Tuesday (October 1), there will be some changes in the rules with regard to issuing vehicle Registration cards (RCs) and driving licences (DLs) in the country. In addition, the State Bank Of India (SBI) has also changed some rules, Zee News reported.
DL and RC rules
Uniform vehicle Registration cards (RCs) and driving licences (DLs) will be issued across India from October 1. The new driving licence will have an advanced microchip with features like Quick Response (QR) code and Near Field Communication (NFC).
The RCs process is all set to become paperless. The new RC will have the owner’s name printed on the front while the microchip and the QR code would be embedded at the back of the card.
How will all these changes help the govt?
- The government will be able to retain records and penalties of the DL holder up to 10 years on the centralised online database.
- The new DLs will also help the government in maintaining records of differently-abled drivers, changes done to the vehicles and the person’s declaration to donate organs.
No discounts for credit card users at petrol pumps
Oil companies had introduced these discounts using credit/debit cards and e-wallets to promote digital payments. However, discounts on debit cards and other modes of digital payments will continue.
Home, car and personal loans to become cheaper
The Reserve Bank of India (RBI) had made it mandatory for banks to link their retail and MSME loans to external interest rate benchmarks and the launch of this product means that rates for home, car and personal loans will come down, Zee News reported.
SBI to reduce average monthly balance
For those having an account in the metro and urban centre, the minimum amount balance (AMB) will be Rs 3,000 while for rural branches, it will be Rs 1000.
The charge for failing to maintain this amount will also be reduced. If a customer fails to maintain Rs 3,000 as AMB in the metro and urban centre branches and falls short by 50 per cent, the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 50-75 per cent, he/she will have to pay a fine of Rs 12 plus GST. If the account holder falls short by more than 75 percent, it will invite a penalty of Rs 15 plus GST.
Corporate tax cut to be implemented
The corporate tax cut announced by Union Finance Minister Nirmala Sitharaman will get implemented from October 1, ZeeNews reported.
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