These rules have a direct effect on your bank account. The prices of gas cylinders, PNG, CNG will change in June. New rules for buying and selling your PF, gold will come into force.

Electric two-wheelers will be expensive

If you are also thinking of taking an electric two-wheeler, then go ahead because the government has cut down the benefits available for taking them. Buying an electric two-wheeler will become costlier from June 1. According to the notification issued on May 21, the Ministry of Heavy Industry has reduced the subsidy on electric two wheelers accordingly. This is the reason that now you may find it expensive to buy an electric two wheeler.

Gold hallmarking rules

From June 1, the rules related to hallmarking of gold will also come into force. Gold buying and selling will change. Now you will not be able to buy gold without hallmark.

There will be a change in the rules of EPFO

EPFO rules will also change from June 1. You have to link your PF account with Aadhaar. If you do not link Aadhaar with PF till June 1, then there may be trouble.

Changes in ITR website

The new website of Income Tax will be launched from 7th June. That is, taxpayers filing ITR returns should be aware of this.

Bank of baroda is changing the method of check payment

The rules for making payment through Bank of Baroda check are changing from June 1. That is, now, if there is a check of more amount, first the bank will have to inform about it.

Small savings scheme rates will change in june

The government will decide on the interest rates of Small Savings Scheme at the end of June. The government decides on the interest rates for small savings schemes every quarter.

There may be an increase in the prices of gas cylinders, CNG and PNG

LPG gas cylinder prices change on the first of every month. Companies fix their prices.

The post New Rule 1st June 2023: Rules related to buying and selling gold, cheque payment, PF account will change from tomorrow first appeared on Rightsofemployees.com.

Under this, there will be no cheque payment without verification. As per the rules, failing which the cheque will be returned. This new rule of cheque payment will be effective from 5th of next month. Earlier, under the positive pay system, the limit was Rs 10 lakh and above.

After this, if the customer issues a cheque of Rs 10 lakh or more through branch or digital channel, then PPS confirmation will be mandatory. Customers will have to provide account number, cheque number, cheque alpha, cheque date, cheque amount and beneficiary name. Let us know what it is and how you can use it.

What is Positive Pay System?

PPS is a mechanism created by the National Payments Corporation of India (NPCI), for which bank customers have to give information about the cheques being issued by them to the bank where they have a savings account. This information has to be shared before the cheque is presented for clearance. Be aware that cheque information can be presented in many ways.

How to avail PPS for PNB Cheque?

Positive Pay system can be used by giving cheque details through Branch Office, Online Banking, Mobile Banking (PNB ONE), or SMS Banking. In this context, PNB said that information has to be given one day before the date of presentation of the cheque.

How PPS will prevent fraud

Under PPS, the issuer of the cheque will have to give the details of the cheque to the bank through SMS, mobile app, net banking or ATM. When the cheque reaches the bank, the information given by the account holder will be verified. If any discrepancy is found during this, the cheque will be rejected. Punjab National Bank has said that the cheque will be returned if there is no PPS confirmation.

How to share cheque details for verification under PPS?

1. Log in to PNB Net Banking.
2. Click on the ‘Positive Pay System’ tab under Value Added Services.
3. Select Account Number from the drop down menu.
4. After this the customer has to submit the six digit cheque number, cheque alpha (3 character), cheque date, cheque amount and beneficiary name.
5. Enter the password for the transaction and click on the submit tab.
6. If details are to be given through SMS, account number, cheque number, cheque alpha, cheque amount, date of cheque have to be given.

The post Big news for PNB account holder! Bank has changed the rule of cheque payment, now the transaction will be done like this first appeared on Rightsofemployees.com.

Now Positive Pay System (PPS) has been made mandatory for customers to make cheque payments of Rs 5 lakh or more. This change will come into effect from April 5 next month.

It is necessary to give details of cheque in PPS

Public sector bank has taken this step to save customers from any fake payment through cheque. In a statement from PNB, it was said that this decision will come into effect from April 5, 2023. Earlier, it was necessary to give the details of the cheque in the Positive Pay System (PPS) for payment of cheque of Rs 10 lakh and above. The statement said that PPS is a system developed by the National Payments Corporation of India (NPCI). Under this, customers have to confirm the necessary details while issuing chequs of a certain amount.

Additional security to avoid risk

These details include account number, cheque number, cheque alpha code, date of issue, amount and beneficiary name. This provides additional security to avoid any risk while making payment of large amount of cheques. The bank said that customers can avail this facility by giving cheque details through branch office, online banking, mobile banking or SMS banking.

Availing the facility at the option of the account holder

As per RBI guidelines, PNB had earlier introduced PPS for cheque of Rs 50,000 and above presented in CTS clearing from January 1, 2021. It was also said on behalf of RBI that it is at the discretion of the account holder to take advantage of this facility. Banks may consider making it mandatory for cheque of Rs 5 lakh and above.

What is Positive Pay System

PPS is a system developed by the National Payments Corporation of India (NPCI). Under this, customers are required to reconfirm necessary details such as account number, cheque number, cheque alpha code, date of issue, amount and beneficiary name etc. while issuing a cheque of a certain amount. In this, the customer has to provide all these details to the bank.

The post Cheque transaction Rules Change! Big news! This bank has changed in the rules of cheque transaction, check new rules instantly first appeared on Rightsofemployees.com.

Bank gave information

Bank of Baroda said in a tweet that we are committed to your banking security. With Positive Payment System, we protect you from Cheque fraud. From 1st August 2022, Positive Pay System (BOB Positive Pay System) will be mandatory for the amount of Rs 5 lakh or more.

what is positive pay system

National Payments Corporation of India (NPCI) has developed PPS under which a customer issuing a high denomination Cheque is required to share certain essential details such as Cheque number, check amount, date and beneficiary name. These details are cross-checked while presenting the Cheque for payment.

Cheque reject if found fault

The Cheque issuer can provide the required details through electronic means like SMS, mobile app, internet banking or ATM. After this, these information will be cross checked before payment of the Cheque . If any discrepancy is found, the bank will reject the cheque. Here if there is a case of 2 banks i.e. the bank whose Cheque has been deducted and the bank in which the Cheque has been inserted, then both will be informed about it.

What are the guidelines of RBI

The Reserve Bank of India (RBI) had issued guidelines to provide the facility of PPS for checks of Rs 50,000 and above. The central bank has asked to consider making it mandatory for checks above Rs 5 lakh.

The post Bank of Baroda issued new rules for Cheque payment, check the new rules immediately, otherwise… first appeared on Rightsofemployees.com.