In fact, some incidents of fights between some youths coming out of the floating restaurant had come to light recently. A video also went viral in which boys and girls were seen fighting with each other inside the bar. The local administration was worried due to these incidents happening under the influence of alcohol. After this, the GDA decided to change the timings of these places.

Nightclubs till 9pm

Now all bar and nightclub activities in floating restaurants can be done only till 9pm. They should not have a license till 12 midnight. The GDA clearly states that all businesses in its area will adhere to the stipulated time limit.

It is worth noting that earlier these activities were

allowed till 11 pm, which is now being reduced to 9 pm. However, there will be no restrictions on things like walking around the lake or walking on the footpath. People will be able to enjoy the view from the lake shore, but cruises, restaurants or adventure activities will be available only for limited hours. This decision will definitely affect floating restaurants and related businesses, but the GDA believes that this decision is necessary to keep the city’s atmosphere calm and safe. The order is likely to come into effect next week, after which there will be only silence after 9 pm.

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These changes made in banking laws are in line with modern needs and will provide more security to depositors. This will allow PPF account holders and other financial investors to update their account without any additional cost.

Rules Change: Now no one will have to pay money to add the name of the nominee in the Public Provident Fund. Finance Minister Nirmala Sitharaman has announced that no fee will be charged for adding or changing the nominee in Public Provident Fund (PPF) accounts. The government has changed the rules related to nomination in small savings schemes through a gazette notification on April 2, 2025. Earlier, a fee of Rs 50 was charged for changing or canceling the nomination. Along with this, the government has also changed the rules of small savings schemes including Sukanya Samriddhi Yojana (SSY) and National Savings Certificate (NSC).

Nomination fee for adding nominee in PPF account abolished

Finance Minister Nirmala Sitharaman has informed on the social media platform ‘X’ that complaints were being received about banks and financial institutions charging fees for adding or changing nominees. In view of this, the government has decided to abolish this fee. The nominee has a legal right over the amount of the original account holder. Therefore, this move is a big relief for PPF holders, allowing them to update or modify their nominee information without any additional fee.

Also Read- ITR Filing: Which form for senior citizens to file income tax return, know how to clear the confusion

Changes in rules for savings schemes too

In the gazette notification, the fee of Rs 50 charged for cancelling or changing the nomination in government savings schemes has also been removed. This means that now the account holders of PPF, Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC) and other small savings schemes will not have to pay any additional fee for adding or changing the nominee.

Major change in Banking Amendment Bill 2025

Recently the Banking Amendment Bill 2025 has been passed, in which depositors are allowed to nominate a maximum of four people. This will provide more convenience and security to the account holders. Another important change in the banking law is that the definition of “Adequate Tax” has been updated. Earlier, this limit was Rs 5 lakh, which has now been increased to Rs 2 crore. This rate was fixed about 60 years ago and now it has been revised according to the current needs.

Tenure of directors in cooperative banks extended

According to the new amendment, the tenure of directors (except chairman and whole-time director) in cooperative banks has been increased from 8 years to 10 years. This amendment has been made in accordance with the Constitution (97th Amendment) Act 2011.

Key points related to PPF nominee update

• Now there will be no charge for adding or changing nominee in PPF accounts.
• The fee of Rs 50 for changing the nomination in all government savings schemes has been removed.
• In the Banking Amendment Bill 2025, a maximum of 4 nominees are allowed.
• The limit of substantial tax has been increased from Rs 5 lakh to Rs 2 crore.
• The tenure of directors in cooperative banks has been increased from 8 years to 10 years.

Also Read- Income Tax Calendar: Important deadlines by Income tax department in April 2025, check details

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These changes will be seen on LPG cylinder prices, your bank account, debit card to credit card. Not only this, traveling on the highway can also become expensive, because toll tax is going to increase on many routes. Let us know in detail about 10 such big changes…

First change- LPG prices

On the first of every month, oil and gas distribution companies revise the prices of LPG cylinders and changes can also be seen in them on April 1, 2025. While the prices of 19 kg LPG cylinder have seen a rise and fall in the recent past, the prices of LPG cylinders have remained the same for a long time. In such a situation, with the beginning of the new financial year, people are expecting a relief change in the prices of 14 kg cylinders.

Second change – CNG-PNG and ATF prices

Apart from the prices of LPG cylinders, the prices of CNG and PNG (CNG-PNG Price) can also see revision from the first date. At the same time, companies can also change the price of Air Turbine Fuel i.e. ATF on April 1, 2025. While the fluctuations in CNG prices will increase or provide relief in the expenses on your vehicle, the increase in ATF prices can make air travel expensive.

Third change – These UPI IDs will be closed

from April 1, 2025 The next change is related to Unified Payments Interface i.e. UPI and the UPI accounts linked to mobile numbers which are not active for a long time will be removed from the bank records. If your phone number is linked to the UPI app and you have not used it for a long time, then its services can be stopped.

Fourth change – New rules of Debit Card

Some major updates are going to be made in RuPay Debit Select Card, which will be applicable from April 1, 2025. This includes fitness, wellness, travel and entertainment. Talking about the updates, there will be a complimentary domestic lounge visit in a quarter and two international lounge visits in a year in selected lounges. Apart from this, personal accident cover of up to Rs 10 lakh will be available for death or permanent disability in an accident. At the same time, one free gym membership will be available every quarter.

Fifth change – Launch of UPS

With the start of the new tax year, the Unified Pension Scheme (UPS), which gives guaranteed pension to central employees, is going to be launched from April 1. Central government employees will be able to apply on the portal from April 1. If the employee wants to get pension under UPS, then he will have to fill the claim form to select the UPS option. If they do not want to choose UPS, then they can choose the option of NPS. Under this, 23 lakh central employees will have to choose one option between UPS and NPS. The central government will also provide an estimated 8.5% additional contribution (basic salary + dearness allowance) of all employees choosing the UPS option. The minimum pension under UPS will be Rs 10,000 per month, which will be given on completion of a minimum of ten years of service by UPS.

Sixth change – Rules related to tax slab

In Budget 2025, the government made many big announcements giving relief to the middle class, which included changes in tax slabs, TDS, tax rebate and other things. At the same time, a new Income Tax Bill was proposed in place of the old Income Tax Act 1961. All these changes are going to come into effect from April 1, 2025. Under the new tax slab, individuals earning up to Rs 12 lakh annually will be exempted from paying tax. Apart from this, salaried employees will be eligible for a standard deduction of Rs 75,000. This means that salary income up to Rs 12.75 lakh can now be exempt from tax. However, this exemption applies only to those who choose the new tax option.

Seventh change – Increase in TDS limit

Apart from this, TDS regulations have also been updated, in which the limits have been increased in various sections to reduce unnecessary deductions and improve cash flow for taxpayers. For example, the TDS limit on interest income for senior citizens has been doubled to Rs 1 lakh, increasing financial security for the elderly. Similarly, the exemption limit on rental income has been increased to Rs 6 lakh per annum, which has reduced the burden for landlords and can boost the rental market in urban areas.

Eighth change – Credit card rules

are also changing from April 1, 2025 (Credit Card Rule Change), which will affect the rewards and other facilities available on them. On one hand, SBI will reduce the Swiggy reward on its SimplyCLICK credit card from 5 times to half. So Air India Signature Points will be reduced from 30 to 10. Apart from this, IDFC First Bank is going to stop the benefits of Club Vistara Milestone.

Ninth change – Change related to bank account

From the first of April, many banks including State Bank of India (SBI) and Punjab National Bank (PNB) are going to revise the rules related to minimum balance in the savings account of customers. The bank will set a new limit on sector wise basis for the minimum balance of the account holder and a fine can be imposed in case the minimum balance is not in the account.

Tenth change – Increase in Toll Tax

The National Highway Authority (NHAI) may increase the toll tax rates from midnight of today i.e. 31 March, which can have a direct impact on your highway travel. If reports are to be believed, NHAI has issued an order to implement the increased rates at various toll plazas from April 1. According to this, the toll for light vehicles on the highway passing through Lucknow can be increased by Rs 5. At the same time, this increase can be from 20 to 25 rupees for heavy vehicles. These new rates can be implemented at many toll plazas located on busy highways like Lucknow-Kanpur, Ayodhya, Rae Bareli and Barabanki. Apart from this, passengers passing through Delhi-Meerut Expressway, Eastern Peripheral Expressway and NH-9 may also have to pay more money as toll tax.

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The post New Rule: From LPG, UPI to Toll Tax… these 10 big changes will be implemented in the country from tomorrow. first appeared on Rightsofemployees.com.

UPS for central government employees from April 1, 2025. This scheme will work as an alternative to the existing National Pension System (NPS) and aims to provide better financial security to the employees after retirement.

What is Unified Pension Scheme?

The Unified Pension Scheme is a new structure designed to provide more stable and reliable pension benefits than the National Pension System (NPS). Under this scheme, employees will get a pension of 50% of their last salary.

NPS VS New UPS

NPS- NPS is market based, which means the pension amount depends on market conditions. Employee’s contribution is 10%, and government’s contribution is 14%.

UPS- Unlike NPS, UPS is not market based and guarantees a pension of 50% of the last salary. The government’s contribution has increased to 18.5%, while the employee’s contribution will remain the same. Please note that at least 10 years of service is required to get pension through UPS.

Who is eligible for Unified Pension Scheme?

The Unified Pension Scheme is currently available to all central government employees under NPS and are willing to switch to the new scheme.

Why was this decision taken?

In April 2023, a panel headed by Finance Secretary TV Somanathan recommended restructuring of the NPS. This led to the creation of the Unified Pension Scheme, aimed at providing greater financial security to government employees.

When will the Unified Pension Scheme become effective?

The Unified Pension Scheme will be effective from April 1, 2025. According to Cabinet Secretary TV Somanathan, UPS will be more beneficial for employees in 99% of cases, although some exceptional cases may remain under NPS. Let us tell you that this decision of the government will benefit about 23 lakh government employees and 12 lakh pensioners. The Unified Pension Scheme is expected to reduce their financial worries during retirement, improve their overall lifestyle.

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There are going to be major changes in the process of adding nominees in mutual fund and demat accounts. Under this, now investors will be able to add 10 nominees to their account and each nomination will have to be verified through mobile OTP. SEBI has issued guidelines regarding this, which will come into effect from March 1, 2025.

SEBI has directed regulated entities such as mutual fund companies and depositories to give investors the option to submit nomination forms both online and offline. Along with this, the investor will get a receipt for every nomination submission, which will maintain transparency in the entire process.

Nomination will be mandatory for single mutual fund and demat account holders, but it has been made optional in joint accounts. Also, investors can change the nominee at any time. Apart from this, regulated entities will have to maintain the record of nominee and receipt for eight years after the transfer of the account or folio.

This way you will be able to verify

As per SEBI’s instructions, while adding a nominee in a mutual fund and demat account, the investor will get three options. As the first option, Aadhaar based e-sign or any other e-sign facility can be used. Apart from this, two factor authentication will have to be given, in which OTP will be sent to the investor’s registered mobile number and email address. The verification process will be completed after entering both the OTPs. As the third option, digital signature certificate can be used.

You can connect like this offline

The investor has to fill and sign the nominee form in front of a representative of the regulated entities. If the investor is incapacitated, the representative has to go to him personally and complete the process. Two witnesses are also required while filling the nomination form. Only the form filled in the correct manner will be valid. Investors can have the option to add, change or delete the nomination at any time.

Full details of all nominees will have to be given

As per the new system, mutual fund and demat account holders will now have to share their nominee’s personal identity information, which mainly includes information like PAN, driving license number or last four digits of Aadhaar. They will have to provide all the communication details of the nominee, which include home address, email and phone number.

Investors will get this option

1. It will be mandatory for every investor to nominate a person as a beneficiary to whom his securities will be transferred after his death.

2. The investor will have the option to nominate a person who would be authorised to transact on his behalf in case of the investor’s incapacity.

3. If there are more than one nominees, the investor can authorise any one of them to transact on his behalf.

4. SEBI has also clarified that the authorised person will not have the right to reject any nomination other than the authorised person.

Security measures were also taken

As per the new rules, whenever an investment is transferred to the nominees, they will act as trustees for the legal heirs of the investor.

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This decision was taken in the board meeting of YEIDA on Thursday. This decision will be applicable to all new residential projects in Yamuna City. Now, under the new procedure, buyers will have to pay 10% stamp duty of the property cost at the sub-registrar office at the time of booking the flat.

Earlier, it was also provided under the rules of Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) that it is mandatory for buyers to have valid proof of flat registration and stamp duty. The aim of this step is to protect home buyers from arbitrariness and potential disputes by builders.

The agreement will be legally strong.

YEIDA CEO Arun Veer Singh said that after the implementation of this rule, buyers will have to pay stamp duty at the time of booking the flat. This will ensure that the builder-buyer agreement is legally strong and buyers do not face any inconvenience in future. Although this will increase the initial investment a little, it will protect the interests of the buyers and protect them from any arbitrary changes being made by the builders.

The government will not lose revenue

The purpose of this rule is not only to protect the interests of buyers but also to reduce the revenue loss to the government. Often properties were sold to multiple buyers without a registered agreement, leading to long-term legal disputes. This step will curb such activities. Chief Secretary Manoj Kumar Singh, who is also the Industrial Development Commissioner, had earlier this month directed Noida, Greater Noida and Yamuna Authority to register all property agreements so that the government can avoid revenue loss due to unregistered agreements.

Buyers’ security will increase

Now, under the new process, buyers will have to pay 10% stamp duty of the property cost at the sub-registrar office at the time of booking the flat. This will provide legal protection to buyers through a registered agreement, which will help them avoid any kind of fraud.

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Giving a big relief to its employees, the central government has extended the scheme allowing travel to Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands and Northeast region under Leave Travel Concession (LTC) by two years. Now government employees will be able to travel by air to Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands and Northeast region till 25 September 2026. Earlier this scheme was ending on 25 September 2024. Eligible central government employees also get reimbursement of to and fro travel tickets in addition to paid leave on availing LTC.

In an order issued by the Personnel Ministry, it has been said that all eligible employees are entitled to LTC to visit any place in Jammu and Kashmir, Ladakh, Andaman and Nicobar Islands and Northeast region in lieu of change of one of their home town LTC in a block period of four years. Employees who are not entitled to air travel are also allowed to travel in economy class of any airline to these areas.

These are the new rules

According to the order, government employees who are eligible for air travel can book flights in the entitled class from their headquarters. Non-entitled employees will be able to travel in economy class on certain routes. These routes include routes between Kolkata/Guwahati and any place in the Northeast region, between Kolkata/Chennai/Visakhapatnam and Port Blair, and between Delhi/Amritsar and any place in Jammu and Kashmir/Ladakh.

Booking and rules

As per government guidelines, employees must book tickets from approved travel agents and select the best available fare. The government has also asked all ministries to conduct random audits to check LTC claims to prevent irregularities.

What is LTC?

The LTC scheme is a concessional travel service for government employees to visit their home town or any place in India during a block of four years. As per the rules of the scheme, government employees have the option to either avail home town LTC twice in a block of two years or visit their home town once in two years and visit any place in India in the second block of two years.

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Also, five year old FASTag will now have to be replaced. Both these tasks will have to be done by 31 October 2024. After this, the FASTag which does not have KYC and which is five years old will be closed and blacklisted. Vehicle owners can update the KYC of FASTag online.

These rules have been implemented to make payments at toll gates more convenient and to remove the current chaos at toll plazas. Now FASTag users will have to ensure that their KYC details are fully updated to avoid getting stuck at toll plazas.

FASTag will have to be linked with registration and chassis number.

Vehicle owners will now have to link FASTags with their vehicle’s registration and chassis number. Registration will have to be updated within 90 days of purchasing a new vehicle. FASTag should also be linked to your registered phone number. You will have to update all these important things by 31 October 2024.

How to update KYC online

You can update your Fastag KYC online. For KYC, you will need the RC of the vehicle, Voter ID card, Passport, PAN card, Aadhar card or Driving license and passport size photo for ID proof.

• To update Fastag KYC, visit IHMCL website fastag.ihmcl.com.
• Login to the website through registered mobile number.
• Next enter your OTP and captcha.
• A new window will open, in which click on My Profile.
• You can check your Fastag KYC status next.
• After this, go to the KYC section and click on Customer Type.
• Further enter all the required details along with the documents.
• After this the KYC of your Fastag will be updated.
• Apart from this, you can also update the KYC of Fastag by going to the bank in which you have balance.

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New Rule from 1 July 2024: On the first of every month, there is a change in the rules related to money. The government fixes the price of LPG cooking gas cylinders. Apart from this, the rates of CNG and PNG are also fixed. The deadline for special FD of Indian Bank and Punjab & Sind Bank, which are among the three big banks of the country, is till June 30. If you are planning to invest in special FD, then do it by the end of this month. RBI’s new rules may affect credit card bill payments.

LPG cylinder price

The price of LPG cylinders is fixed on the first of every month. Last time on June 1, the government had reduced the price of commercial cylinders. Now it remains to be seen whether the government increases or decreases the price this time.

Indian Bank Special Fixed Deposits

Indian Bank is offering a special FD scheme to its customers. Public sector bank Indian Bank is offering FDs of 300 and 400 days to its customers. According to the website of Indian Bank, you can invest in FD schemes named Ind Super 400 and Ind Supreme 300 days till 30 June 2024. This special FD is a callable FD. Callable FD means that in this you get the option to withdraw money before time. Indian Bank’s Ind Super FD is of 400 days. You can invest from Rs 10,000 to Rs 2 crore in this scheme.

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Indian Bank is now offering 7.25% interest to the general public and 7.75% to senior citizens and 8.00% to super senior citizens. According to the website of Indian Bank, the special term deposit product Ind Super 300 days was launched on 1 July 2023. You can invest from Rs 5000 to less than Rs 2 crore on this FD for 300 days. The bank is offering interest ranging from 7.05 percent to 7.80 percent on this. Indian Bank is now offering 7.05% interest rate to the general public and 7.55% to senior citizens and 7.80% to super senior citizens.

Punjab and Sindh Bank Special FD Scheme

Punjab and Sindh Bank is offering special FDs of 222 days, 333 days and 444 days to its customers. These special FDs are offering a maximum interest of 8.05 percent. According to the bank’s website, the bank is offering 7.05 percent interest on FDs of 222 days, 7.10 percent on FDs of 333 days and 7.25 percent on FDs of 444 days. The bank is offering 8.05 percent interest to super senior citizens on FDs of 444 days.

Credit Card Bill Payment – New RBI Rules

The new rules of the Reserve Bank of India (RBI) are going to come into effect from July 1. RBI’s new rules will bring some changes in credit card bill payments. This order requiring all credit card payments to be revised through Bharat Bill Payment System (BBPS) will affect major fintech platforms like PhonePe, Cred, BillDesk and Infibeam Avenues. RBI has directed that all credit card payments should be made through BBPS from July 1. So far, out of the 34 banks authorized to issue credit cards, only eight have activated bill payments on BBPS.

The post New Rule from 1 July 2024: 5 rules related to money will change from July 1, check immediately first appeared on Rightsofemployees.com.

What is Reits and InviTs

Reits and InviTs work like Mutual Funds. In this, capital is raised from investors for real estate or infrastructure projects through bonds or securities. Both are means of investment pooling. The REIT portfolio comprises commercial projects such as offices, corporate parks and shopping malls. A large part of these projects are already leased ie pre leased.

Similarly, an InvIT includes projects related to transport, energy or communication. REITs allow small retail investors to invest in real estate properties and earn income through fractional ownership. Similarly, InvIT enables direct investment from individual and institutional investors in projects in the infra sector.

How is the performance so far

Since its launch in 2019, REITs have gained immense popularity among common investors. Despite the difficulties during this period in construction of commercial properties, offices, malls etc. due to adverse market conditions, REITs earned a steady income in the form of rentals during the Covid pandemic. Similarly, there is a vast scope of investment possibilities for InviTs as well.

IRB InvIT Fund was the first InvIT listed on the stock exchanges about six years ago in 2017, while Embassy Office Parks REIT was the first real estate investment trust to be launched in 2019. There have been four REIT listings in the Indian market so far, and there are around 21 listed and unlisted REIT funds. At the beginning of this year i.e. 2023, the value of total assets under InvITs and Reits registered with SEBI was more than 13.5 trillion.

What are these changes of SEBI

Under the amendment in the rules, SEBI has now given nomination rights to the unit holders of InvITs and Reits on the board of the trust. Along with this, the concept of Self-sponsored investment managers has been introduced by changing the minimum unit holding rules for the sponsors of these trusts. Follow-on offers of REITs and InvITs are also being considered and the time taken to process their public listing has been reduced from 12 days to six days.

Why these changes are important

The purpose of these changes made by SEBI is to make the operations of InvITs and Reits more systematic and smooth by improving corporate governance. Along with this, retail unit holders will get an opportunity to express their views about their rights.

The principles of the “Stewardship Code” will now apply to all unit holders (having 10% or more units), thereby increasing accountability of the management. Sponsors will also now have to hold a minimum number of units for the entire period of the REIT or InvIT. Under the new rules, self-sponsored investment managers can now take over the responsibility of REIT sponsors and facilitate the latter’s exit from investments.

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Lakhs of people travel daily by train. In such a situation, to get their favorite seat, they start booking tickets a month in advance. Most people’s preferred seat is lower berth or side lower berth. But now he might not be able to book this seat. Yes, Indian Railways has issued an order for this. According to the order, the lower berth of the train will be reserved for some categories of people. Let us know who will get the lower seat of the train.

Let us tell you, the railway has reserved the lower berth of the train for the disabled or physically disabled people. To make their journey more convenient, Indian Railways has taken this important decision.

Such is the seat distribution

According to the order of the Railway Board, four seats, 2 bottom 2 middle ones, two seats in third AC, two seats in AC3 economy are reserved for the disabled in sleeper class. He or the people traveling with him will be able to sit on this seat.

At the same time, 2 lower seats and 2 upper seats are reserved for the disabled in the Garib Rath train. They will have to pay full fare for these seats.

Railway will give seat to senior citizen without asking

Tell me, apart from these, Indian Railways gives lower berths to senior citizens i.e. elders without asking. 6 to 7 lower berths in sleeper class, 4-5 lower berths in every third AC coach, 3-4 lower berths in every second AC coach are reserved in the train for 45 years or more and pregnant women. They get the seat without selecting any option.

On the other hand, if ticket booking is given to a senior citizen, Divyang or pregnant woman on the upper seat, then there is a provision for TT to give them lower seat during onboard ticket checking.

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The lending rate has been increased by 0.10% from the bank. PNB has changed the Marginal Cost of Lending Rates (Bandhan Bank MCLR) for its customers. From the side of the bank, it has been increased by 10 basis points i.e. 0.10 percent.

New rates will be applicable from tomorrow

According to the information given on the official website of the bank, the new MCLR rates of PNB will be applicable from March 1, 2023. The increase in MCLR will directly affect your loan taking. The effect of this will be that the EMI of the customers will increase. This change will affect both new and old customers.

These are the new rates:

According to the official website of PNB, the bank has increased the overnight MCLR from 7.90% to 8.00%. MCLR has been fixed at 8.10% for one month loan, 8.20% for 3 months and 8.40% for 6 months MCLR. The bank has fixed MCLR 8.50% on one year loan and 8.80% MCLR for three years.

Private sector’s leading Bandhan Bank has also increased the MCLR rate for customers. According to the official website of Bandhan Bank, the MCLR rate has been increased by up to 16 basis points.

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FM Sitharaman proposed to hike tax exemption on leave encashment on the retirement of non-government salaried employees to ₹25 lakh from ₹3 lakh.

Days later, revenue secretary Sanjay Malhotra told Times of India, “The ₹22 lakh benefit at 30% plus works out to almost ₹7 lakh”. Malhotra said if one spread the exemptions for over 30-35 years, it works out to more than ₹20,000 a year.

According to Malhotra, 50% of personal income taxpayers are salaried class. Hence the new leave encashment exemptions will benefit them at the time of retirement whether they choose the new tax regime now or the old today.

He said the new “leave encashment” exemption will also benefit government staff, including those working for AIIMS.

What is leave encashment?

As per India’s labour law, every salaried person is entitled to a minimum number of paid leaves every year. However, not all those leaves are utilised by an employee in a year.

Now, these unutilised paid leaves usually get carried forward to another year. As a result, an employee will be accumulated with unutilised leaves balance at the time of retirement or resignation. Henceforth, the employer is compelled to compensate the unutilised paid leaves of employees. This is known as leave encashment.

Is leave encashment taxable?

Yes, the leave encashment is taxable as per the law. If an employee receives sleave encashment during his/her job, the amount forms part of ‘income from salary’. However, one can claim some tax benefits under Section 89 of the I-T Act. One needs to fill out form 10E to claim tax relief for leave encashment.

Since the Centre has hiked tax exemption on leave encashment on the retirement of non-government salaried employees to ₹25 lakh, it would help lakhs of employees in saving their capital.

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In view of the incidents of fraud, SBI has made cash withdrawal from ATMs more secure. In view of this, OTP is sent to the customer’s mobile. Then the same OTP has to be entered in the ATM. The name of this new service is OTP based cash withdrawal facility. OTP is received on whatever mobile number of the customer is entered in the bank.

One time transaction can be done with one OTP. It is a means of verification of the customer. With this, the same person will be able to withdraw money from the ATM whose OTP will be sent to his mobile. And the OTP will go to the mobile of the same person who has an account in SBI. State Bank has described OTP based cash withdrawal as a vaccination against fraud people. SBI says that protecting customers from fraud is its priority.

Also know how to withdraw money from OTP. Actually, when a customer puts a debit card in an ATM, then an OTP comes on his mobile phone. The customer has to first enter this OTP at the ATM. Only after that the process of cash withdrawal will start. Therefore, if you are a customer of SBI and are going to withdraw money from SBI ATM, then do not forget to take mobile phone along with you.

The OTP sent to your mobile is a 4 digit number. This OTP tells that the customer is correct as it is sent to the registered number. OTP is being used in the transaction for authentication or rather for verification. Nowadays OTP has been implemented in almost every banking service so that fraud can be got rid of. Fraudsters will not be able to withdraw cash from OTP based ATMs.

For OTP based cash withdrawal, if the customer wants to withdraw more than Rs 10,000, then he has to enter the OTP. Apart from this, the customer will also have to enter the PIN number of the debit card. This gives double security in ATM withdrawal. First OTP and then Debit Card PIN. Then money can be withdrawn from ATM.

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