a hike in charges on ATM transactions. Banks in the South Asian nation have received the green light from the Reserve Bank of India (RBI) to increase fees that are charged on cash and non-cash ATM transactions which exceed the free monthly acceptable limit. From 1st January, customers who exceed the monthly limit for free transactions will have to pay ₹21, instead of ₹20, the central bank said in a notification dated 10 June 2021. However, customers will be entitled to five free transactions each month from their own bank ATMs.
Another important change is one that might halt your EPF contributions. According to the Employees’ Provident Fund Organisation (EPFO), an employer will not be able to deposit an employee’s monthly EPF contribution from 1st January, if the employee’s universal account number (UAN) is not linked with the Aadhaar number. “Hence, you’re requested to link your Aadhaar with UAN on or before 31.12.2021 if it is not linked already,” the EPFO said on the Member Sewa Portal.
The RBI has issued new rules regarding bank lockers, which will also come into effect from the beginning of 2022. According to a notification issued by the central bank in August, banks will not be able to relieve themselves of responsibility in the event that the contents of a locker are lost due to theft or due to fraud by an employee. However, under the new rule, the banks liability for such loss has been limited to 100 times the prevailing annual rent for the locker. Accordingly, banks are required to warn customers that it does not take responsibility for insuring the contents of the locker.
An increase in goods and services tax (GST) is another major development that cannot be ignored. From 1st January, Indians will be paying more in the form of GST on various products and services, particularly on clothes and footwear, on which the Central Board of Indirect Taxes and Customs (CBIC) has increase the GST from 5 per cent to 12 per cent.
