PF and PAN Interest Rates Reduction from 1 Sep 2021

EPF Update News September 2021

With the emergence of September 1st, the Indian purchasers are likely to experience changes in rules that can have a crucial economic knock on their day-to-day life. You will be able to see these changes in the financial verification, investment rules to banking norms. 

With these probable impacts on the financial budget of the common people, it is vital to understand what these changes are and how they can affect the set of common people. 

Further, there are going to be 7 major changes that will impact the Indian Consumers from September 2021.

Latest PF Rule:

Now, to avail your PF benefits it is important for you to link your PF or Provident Fund Account with your Aadhar card. Going forward, if your account is not linked or if your Aadhar UAN is not verified then you will not be able to apply for Electronic Challan or Return (ECR) and will not be able to take advantage of your employer’s share in the PF account. 

Cheque Clearance:

The effect of the cheque clearance system was brought into effect from the start of this year, which is January 1, 2021, which was adopted by several banks, but Axis Bank will now incorporate the new cheque clearing system from September1. This new cheque clearing system was brought by RBI- The Reserve Bank of India which is known as Positive Pay System. 

Reduction in Interest Rates: 

This change in the reduction of interest rates will come into play for both existing and new savings account individuals. The Punjab National Bank, one of India’s largest public owned banks, is all set to reduce its interest rates on savings deposits to 2.90 percent per annum from September 1. 

PAN Link Deadline:

The deadline to link your PAN or Aadhar with your tax number is extended for three more months now which is from 30th June to 30th September 2021, which means you have an additional month to do so. 

Updated Car Insurance Rule:

As per the Madras High Court order, all the new cars purchased after September 1, 2021, will be bound to have 5 years of bumper insurance which will expectedly increase the price of the entire car. 

Changes in Trading Rules:

From 1st September 2021, the traders according to new rules will have to give 100% margin to their transaction well in advance. These norms are anticipated to affect the intraday trading requiring stockbrokers to accumulate a minimum margin of leverage-based trading prior to trading, but the collection needs to take place at the end of the day. These set norms by SEBI are designed to reduce abstract trading and limit the grip that equity brokers offer to their customers. These are said to be the final stages of the new Peak Margin Standards which are imposed by the Indian Commission (SEBI) and the Stock Exchange. 

New Registration mark for your vehicle:

The Ministry of Road Transport and High School (MoRTH) has come up with a new rule of BH Mark by the Bharat series vehicle Registration mark to bring a streamline of private cars between union territory and Indian States. This mark on your two or four wheeled vehicle sets you free from re-registering your vehicle in case you choose to move from one state or country to another.