Rules that will change from September 1st 2019

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Banking-traffic-tax-insurance policies rules will change from September 1, direct impact on layman:

The month of September is about to begin. In this new month, many rules related to banking, traffic, tax and insurance policies will change. These changes are going to affect your everyday life. In such a situation, it is important to know about these rules.

Changes in banking rules:

The rules related to the bank will change from 1 September. Actually, the country’s largest State Bank of India has decided to link the repo rate to the home or auto loan of its old customers. After its implementation, whenever RBI will cut the repo rate, then the customers will benefit from immediate effect.

In the coming days, like SBI, other government banks are also going to link the loan to the repo rate. There may also be a change in the opening and closing times of banks in September. Similarly, the facility can be availed from government banks to take a home loan, auto loan and personal loan in 59 minutes.

Change in traffic rules:

The rules related to traffic will change from 1 September. Actually, from this day 63 provisions of the Motor Vehicles (Amendment) Act are going to come into force. These include heavy fines for violating traffic rules.

According to the information, the fine has been increased in other cases including drink and drive, speeding (over speed) and overloading. Apart from this, responsibility has also been fixed for road accidents in the country. Road engineering is considered to be the main responsible for the accident.

Change in insurance policies rules:

If you have a car or two-wheeler, then be ready for changing the insurance rules from 1 September. In fact, the general insurance companies will now provide separate insurance cover to the vehicles for loss due to natural disasters like earthquakes, floods, destruction, and riots. In the month of July, the insurance regulator IRDA (Insurance Regulatory and Development Authority) had asked general insurance companies to implement it from 1 September.

Tax Rule Changes:

Tax rules will also change from 1 September. In fact, a scheme has been launched to deal with old tax matters. Under this, the outstanding tax can be paid. In this scheme, there will be no legal action on paying tax, but will also get an exemption from interest, penalty. Similarly, on filing income tax returns from 1 September, fines may also be incurred.

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