SEBI Changes Mutual Fund Rules

Market regulator SEBI has introduced new cut-off times for overnight mutual fund schemes, with the aim of improving operational efficiency and fund management. This new schedule is part of SEBI’s continuous efforts to bring mutual fund processes in line with global standards. The new mutual fund rules will come into effect from June 1. Under the new rule, if an application is received till 3 pm, the previous day’s net asset value (NAV) will be applicable. For applications received after 3 pm, the NAV of the next working day will be applicable. In addition, for applications submitted online, such as for overnight fund schemes, a cut-off time of 7 pm will be applicable.

Axis Bank has changed the card rules

Axis Bank has announced changes in the benefits, terms and conditions of most of its credit cards, which will be effective from June 20. Some of the popular credit cards of Axis Bank like Magnus for Burgundy and Magnus for Flipkart are expected to see a significant drop in rates. The bank has changed the reward structure for Magnus/Magnus for Burgundy.

Now you will earn 12 EDGE REWARD points for every Rs 200 spent, which will be applicable on spending up to Rs 1.5 lakh per month. Spending above Rs 1.5 lakh will earn 35 points for every Rs 200. After that, the rate will again be 12 points for every Rs 200 until their spending reaches Rs 1.5 lakh in addition to the credit limit. Also, the cashback has now increased from 1 percent to 7.5 percent when shopping on Myntra with Flipkart Axis Bank credit card, but it is now limited to Rs 4,000 per quarter. The cashback on Flipkart and Cleartrip will remain at 5%.

Kotak Mahindra Bank increases credit card charges

From June 1, Kotak Mahindra Bank is going to make changes to its credit cards, including a reduction in rewards and a reduction in cashback redemption value. The bank will reduce reward points on transactions in categories like education, utilities and online gaming. Kotak Royal, League and Urban cards will get 7 paise per point, which was earlier 10 paise. Kotak 811 credit card holders will get 10 paise per point, which was earlier 25 paise and Kotak Infinity card holders will get 70 paise per point, which was earlier Rs 1. The bank has also increased charges. The interest rate on most cards has been increased from 3.50 per cent to 3.75 per cent.

Advance tax due date

If you have sources of income other than salary, such as interest on deposits, rent or capital gains, you may have to pay advance tax. As per section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability is Rs 10,000 or more in a financial year and this amount remains after tax deduction at source (TDS and TCS), are required to pay advance tax. Taxpayers have to pay advance tax in four installments, with the first installment due on June 15 and 15 percent of the total advance tax has to be paid. If missed, then interest of 1 percent will have to be paid every month on the total outstanding.

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These changes directly affect your pocket, service and financial planning. From the price of gas cylinder to banking and tax system, many new things will be implemented. Let us know which rules are going to change from June 1. These changes coming into effect from June 1 can have a direct impact on the pockets of common people. In such a situation, update your financial plan in time and get information about the necessary services, so that you do not have to face any problem.

1. Work will be easier in EPFO

The government can launch the new version 3.0 of EPFO ​​from June 1. Through this, PF related services like withdrawing money, claiming or updating details will become easier than before. The biggest thing is that money can be withdrawn directly from the PF account with a card like an ATM.

2. Additional charges will be levied on credit card usage

Some strict rules may apply to credit card holders. If your auto-debit fails, you may have to pay a penalty charge of up to 2%. Apart from this, extra charges may be levied on using the card for utility bills or fuel. Additional charges and deduction of reward points are also possible on international transactions.

3. Withdrawing money from ATM will be expensive

From June 1, the charge for withdrawing money from ATM may also increase. Now after limited free transactions, more money may be deducted per transaction. Therefore, it will be necessary to be careful while using ATM.

4. Cooking gas may become expensive

The price of LPG cylinder is fixed on the first of every month. In such a situation, the gas cylinder may become expensive or cheaper on June 1. This will have a direct impact on your household budget, especially on those families who use subsidized cylinders.

5. FD interest rates may decrease further

RBI meeting is scheduled on 6th June next month. It is expected that RBI may reduce the repo rate in the meeting. If this happens then banks can reduce the interest rates on FD. Recently banks like SBI, HDFC, ICICI, Axis had reduced the interest on FD. Now if RBI reduces the repo rate then banks can again reduce the interest on FD.

6. Changes in GST invoice rules

GSTN has informed about an important change. From June 1, invoice numbers will no longer be case-insensitive (there will be no difference between uppercase and lowercase). That is, abc, ABC or Abc will be considered the same. This will eliminate the problem of generating duplicate invoice numbers. Also, invoice numbers will be automatically converted to uppercase letters (UPPERCASE).

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New Delhi. Every month there are changes in many financial rules. These changes affect the daily life of the common people. The month of June (June 2024) will start from tomorrow. In such a situation, let us know which financial rules (Rules Changing From June 1) are changing from tomorrow.

LPG cylinder price update

Oil companies will update the LPG cylinder rates tomorrow at 6 am. LPG cylinder prices are revised on the first of every month. In May, oil companies had reduced the price of commercial cylinders.

Bank Holidays

The Reserve Bank of India (RBI) releases the Bank Holiday List for every month. RBI has also released the Bank Holiday List for June. According to the Bank Holiday List June, banks will remain closed for 10 days in June.

Also Read: Big alert from Railways, 63 hours mega block will be imposed here, more than 900 trains cancelled

Bank holidays include Sundays, second and fourth Saturdays. Apart from this, banks will also remain closed on the occasion of Raj Sankranti and Eid-ul-Azha in June. In such a situation, you must check the bank holiday list before going to the bank.

Aadhar card update

UIDAI has provided the facility to update Aadhaar for free. This facility is available only online. A charge has to be paid for updating Aadhaar card offline.

UIDAI has extended the deadline for updating Aadhaar for free till June 14, 2024. This means that you can update Aadhaar online for free till June 14.

Changes in traffic rules

From June 1, 2024, traffic rules will change in all the cities of the country. New Driving License Rules 2024 will be implemented in the country from June. According to this rule, if a minor is caught driving, he will be fined up to Rs 25,000.

At the same time, the driver will have to pay a fine for not wearing a seat belt and helmet.

Apart from this, if someone is caught overspeeding, he may have to pay a fine of Rs 1000 to Rs 2000. Let us tell you that there are going to be many changes in the new driving license rules 2024.

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