Top 8 changes introduced in Unlock 2.0 which will impact your pocket directly

From 1^st July 2020, “Unlock 2.0” has been declared. Several changes have been introduced that is likely to affect the common citizens directly. Changes can be noticed in prices of cooking gas, mutual funds and banking. The common citizens are to bear the burden of these increased expenses. Hence, you need to be well informed about the changes, so as to take wise decisions.

Top financial changes introduced in Unlock 2.0

• No rebate offered on ATM transaction: Rebate will no more be provided to bank account holders on cash transactions made from ATMs. People during the last few months had been offered unlimited ATM withdrawal facility. Only 10 transactions is likely to be allowed like before every month in non-metropolitan cities & 8 in metropolitan cities.
• Stamp duty levied on mutual fund purchase: From 1^st July, mutual fund investment will invite stamp duty. It also includes investments in Systematic Transfer Plan (STP) and Systematic Investment Plan (SIP). It is compulsory for both equity and debt mutual funds. Debt funds is likely to face major impact as it is meant for short duration. In this case, 0.005% of all total mutual fund purchase will need to be paid as stamp duty.
• ATF & LPG cylinder price increase: New prices have been announced by oil marketing companies on air-fuel & LPG cylinder on every month’s first date. The last couple of months have witnessed increase in prices.
• Maintenance of minimum balance in savings account: Facility provided till 30^th Jun 2020 by the government to keep minimum balance in savings account has now been stopped. As per individual bank’s specific rules, minimum balance needs to be retained in savings account on a monthly basis. It was eliminated in lockdown period. Different minimum balance exists for rural, urban and metropolitan areas.
• PF Account withdrawal will not be that easy like before: Fixed amount withdrawal of 75% amount deposited within account or 3 months equal salary was allowed to be withdrawn as per guidelines specified to EPF account holders by the EPFO due to Covid-19. The deadline however, expired on 30^th From 1^st July, you cannot lay claim to your PF in advance.
• Nil GST return filing allowed through SMS: ‘Nil GST Return’ pertaining to Goods & Services Tax (GST) to be filed through SMS for quarterly & monthly sales statement via SMS from July GSTR-1 first week. As per statement made by CBIC, 12+ lakh registered taxpayers are likely to find GST Compliance steps to become much easier.
• Account Freeze: In case any customer fails to submit essential KYC documents, then the bank can freeze accounts, thus stopping banking services.
• ‘Sabka Viswas Yojana’ not likely to derive benefits: 30^th June was the deadline earmarked for ‘Sabka Viswas Yojana’ payment to solve all pending old disputed cases pertaining to central excise & tax. Scheme related benefits are not applicable from 1^st July onwards. The scheme is considered to solve every problem arising from tax. But after 30^th June, deadline has not been extended.

Above are the top 8 changes that you need to know which has been introduced & will impact directly your finances.