Several changes are lined up starting from 1 June, which may affect not only daily life but also affect your monthly budget. Let us see some of these that will directly common man:
- Increase in airfare:
The Ministry of Civil Aviation has decided to increase the lower limit of the domestic travel fares from 13% to 16%. As per this new rule, the lower limit of flight for a short distance under 40 mins will be Rs.2,600 against Rs.2,300, whereas the lower limit of flights with a travel time of 40 to 60 minutes will be Rs.3,300 instead of Rs.2,900. Accordingly, all duration flight fares have been hiked. This increase is decided due to the high fuel cost as well as comparatively less passengers per flight.
- New income tax e-filing portal
The income tax department is revamping its entire e-filing portal by integrating various platforms, offering pre-filled ITR returns and a seamless user experience. The portal is being updated from 1 June to 6 June. The new portal gets launched on 7 June 2021.
- LPG cylinder price change
LPG gas cylinder price is reviewed by the oil companies every 1st and 15th of the month. On 1 June, Oil marketing companies have cut the commercial LPG gas cylinder price by Rs.122 per cylinder. In the previous month, these prices were reduced by Rs.45 per cylinder. However, there is no reduction in LPG domestic gas cylinder prices, which means no change in the price of the 14.2 kg cylinder users.
- The interest rate of small saving schemes
The last modification in the interest rate of small savings schemes was done in March 2021. However, the decision was reversed within a day by the orders of the central government. Usually, the interest rates are reviewed and altered every three months. Hence, the interest rates are expected to be altered in June 2021; however, no such decision has been announced by the government.
- Change in cheque payment of Bank Of Baroda
Bank of Baroda has implemented some changes in the cheque payment rules from 1 June. To prevent fraudulent incidents, BOB will be introducing ‘Positive pay conformation’ for payments over Rs.50,000. The customers will have to re-confirm the cheque details mandatorily when the amount to be processed is more than Rs.2 lakh. With this update, the bank’s customer will stop the payment of issued cheques before its clearing.
For any clarifications/feedback on the topic, please contact the writer at firstname.lastname@example.org
I am a Chartered Accountant by profession with 4+ years of experience in the finance domain. I consider myself as someone who yearns to explore the world through travelling & Reading. I believe, the knowledge & wisdom that reading gives has helped me shape my perspective towards life, career and relationships. I enjoy meeting new people & learning about their lives & backgrounds. My mantra is to find inspiration from everyday life & thrive to be better each day.