Several bank and other rules come into effect from 1 August: Here's all the new stuff

New Delhi: A host of changes including banking to LPG rates came into effect from Monday, 1 August. It is worth mentioning that these new rules will have direct effect on the earnings of a common man.

Here's a quick look on rules and the guidelines that came into effect 1 August, 2022:

Bank of Baroda implements mandatory PPS for cheques

As per the instruction by the Reserve Bank of India (RBI), Bank of Baroda has introduce a mandatory 'Positive Pay System', or PPS, for cheques issued for amounts Rs 5 lakh and above.

Clients will now be required to digitally validate key cheque information for authentication before payment.

It is believed that the new system introduced by Bank of Baroda will enhance the security of banking by protecting clients from fraudulent transactions.

e-KYC for PM Kisan

The deadline for e-KYC (Know Your Customer) for registration in the Prime Minister Kisan Samman Nidhi Yojana (PMKSNY) will no longer be allowed from today.

It was earlier extended to 31 July 31 from from 31 May.

PMFBY Registration

Registrations for the Prime Minister Fasal Beema Yojana (PMFBY) ended on 31 July and those who missed out on registration will not be allowed from 1 August onwards. Registration option was available both online and offline.

ITR filing

The deadline for Income Tax returns filing for financial year 2021-22 and assessment year 2022-23 was 31 July. Taxpayers who were unable to file their returns were expecting the last date to be extended by a month, but there was no extension.

From 1 August, those who have not filed their ITR, will be to do it but will have to pay fine-cum-late fee.

LPG cylinder rates

Like first of each month, liquefied petroleum gas (LPG) prices are revised. On 1 August, the national oil marketing companies (OMC) have reduced the cost of commercial 19-kg LPG cylinders by Rs 36.

With inputs from agencies

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