These rules will change from August 1!
By Lokmat English Desk | Published: July 27, 2022 02:58 PM2022-07-27T14:58:38+5:302022-07-27T14:58:38+5:30
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The month of August will begin in a few days. From August 1, the rules related to cash transactions will change. Let's find out exactly which rules will change and how it will directly affect you.
Why has the rule changed? Check positive payment system was introduced in 2020 to curb fraud. It requires some important information to be provided for checks worth Rs 50,000 or more.
Banks will be closed for 18 days Banks will be closed for 18 days in August. In August, RBI has reported bank closures for many days in its list. August has many festivals like Moharram, Rakshabandhan, Independence Day, Krishna Janmashtami, Ganesh Chaturthi.
Will gas cylinders be cheap or expensive? The cylinder prices are fixed on the first day of every month. On August 1, state-owned oil companies will decide the price of gas cylinders. Last time there was an increase in the price of gas cylinders. Hence gas prices across the country.
Check Rules Bank of Baroda's check payment rules will change from August 1. Positive pay system has been implemented for check payments of Rs 5 lakh or more from 1st August.
Under this check issuer has to provide information related to the check to the bank through SMS, net banking or mobile app. Only then will the check clear. If any check is to be issued, several details including its number, amount of payment and name of the payee should be sent to the bank.