5 rules coming into effect from today will have significant impact, details here

From today, 1 November, a number of changes will enter into force for financial transactions, having an instant effect on people at all levels. Rules governing electricity subsidies, the PM Kisan Samman Nidhi Scheme, and LPG rates are a few of the modifications. The majority of them are intended to increase the convenience of the general public. Additionally, some changes may have an effect on your earnings. Here, we will discuss some of these rules that will have significant impacts on people’s lives:

New regulations for electricity subsidy in Delhi:

From 1 November, new guidelines for electricity subsidies will come into effect in Delhi. The deadline to apply for a power subsidy for the month of October was 31 October. Delhi Chief Minister Arvind Kejriwal had stated that those who fail to apply for the subsidy will be required to pay non-subsidized bills, although they can apply for the subsidy the next month. Currently, in Delhi, there are 58 lakh household electricity users, of which 47 lakh reap the benefits of the subsidy.

KYC is made mandatory by IRDAI:

KYC is now required in order to purchase non-life insurance policies, according to the Insurance Regulatory and Development Authority of India (IRDAI). Up until now, KYC was only required for life insurance and non-life insurance, such as health and vehicle insurance, in the case of claims reaching more than Rs 1 lakh. Starting on 1 November, it will be necessary for everyone. The IRDAI has further stated that the deadline to complete the KYC won’t be extended in any scenario.

Indian Railways’ new itinerary:

A new itinerary for some long-distance trains has been announced by Indian Railways and will take effect on 1 November. According to the reports, 7,000 cargo trains and 13,000 passenger trains will have new schedules. The schedules of 30 Rajdhani trains operating throughout the country will also change starting on 1 November.

New LPG rules:

Petroleum companies update and announce new rates for LPG gas cylinders on the first day of every month. Today, the price of commercial cylinders were slashed by Rs 115.50 in the national capital. One 19-kg commercial LPG cylinder is now priced at Rs 1,744 in Delhi. However, there has been no change in domestic LPG cylinder prices.

The delivery of gas cylinders will also get more secure now. An OTP will arrive on your registered mobile after the LPG cylinder has been booked. You should reveal the OTP at the time of gas delivery. After verifying it, the delivery executive will give you the gas cylinder.

Four-digit code for GST returns:

The rules governing GST returns will also change. Now it would be required for taxpayers with a turnover of less than Rs 5 crore to enter a four-digit HSN code in the GST return. Previously, a two-digit HSN code was needed. A four-digit code had to be entered from 1 April 2022, and then a six-digit code starting on 1 August 2022, for taxpayers with a turnover of more than Rs 5 crore.

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