Aadhaar-PF link, LPG price hike: New rules to come into effect from September 1
- SBI customers, who wish to conduct high value transactions must mandatorily link their Aadhaar and PAN by September 30, 2021.
With only a few days left for September to arrive, it makes it vital for Indian citizens to keep in mind some of the major rules that will be implemented and made mandatory from September onwards. These range between compulsory linking of the Aadhaar Card with PAN and LPG price hike
Besides the Aadhaar-PAN linking and the LPG price hike, there are several other changes expected to happen that will have an impact on everyone's daily activities. Here’s a list of important changes that will come into effect starting September 1.
Mandatory Aadhaar-PF linking
From September 1 onwards, employers can credit their contribution of the provident fund (PF) only if the employee’s Aadhaar number is linked to their Universal Account Number (UAN). The Employees' Provident Fund Organisation (EPFO) amended Section 142 of the Code of Social Security, 2020, which has made the Aadhaar-PF linking mandatory for availing of various services, receiving payments, and seeking benefits, among others.
It is to be noted that if Aadhaar-PF linking is not done, neither the employer’s nor the employee’s contribution can be credited to the PF accounts.
Aadhaar-PAN linking mandatory for SBI customers
The State Bank of India (SBI) issued a notification according to which all of its customers must link their Permanent Account Number (PAN) with their Aadhaar by September 30. Anyone who fails to do this will have their identification as an SBI account holder nullified, thereby preventing them from undertaking certain transactions. The PAN is compulsory to deposit ₹50,000 or more in a single day. Those who wish to conduct even higher value transactions need to link their Aadhaar and PAN on the Income Tax Department website by the stipulated date.
Curbs on GSTR-1 filing for defaulters
The Goods and Service Tax Network (GSTN) recently said that the Rule-59(6) of Central GST Rules will be implemented from September 1 onwards, thereby restricting taxpayers who have not filed GSTR-3B returns, from filing their GSTR-1 returns.
Businesses also have to file their GSTR-3B for a certain month in a phased manner between 20 and 24 on the succeeding month, whereas the GSTR-1 of a month must be filed by the 11th day of the coming month.
LPG price surge
In August, the price of cooking gas was increased by ₹25 per cylinder. Prior to that, the LPG cylinder rates were hiked by ₹25.50 in July. Since the cooking gas prices witnessed a surge for two months in a row, it is expected that the trend will continue in September as well. Since January this year, LPG prices have increased by ₹165 per cylinder.
New cheque clearance norm
The Reserve Bank of India (RBI) has laid down a new Positive Pay System for clearing cheques in 2020 in order to verify an issuer’s details for stopping any fraudulent acts. The system had, however, come into effect on January 1 of this year.
The catch is that while several banks in India have already adopted the new system, Axis Bank will implement the same from September 1 onwards. The private sector lender has already begun the process of informing its account holders of the rule via SMS.
In this new system for cheque clearance, customers issuing high-value cheques must inform their respective banks before doing so. This is meant to prevent bank frauds pertaining to issuing and clearance of cheques.