New rules for several financial transactions to kick in from July 1

Several changes will kick in for financial transactions from July 1 which will directly impact consumers at all levels These changes include PF rules ATM withdrawal charges Atal Pension Yojana registration in Kisan Samman Nidhi mutual funds minimum account balance among others The Central government has relaxed rules to withdraw money from the Employees Pension Fund EPF during the lockdown imposed for the prevention of coronavirusIn view of the scarcity of cash with the people the Finance Ministry had provided emergency withdrawal facility from the EPF and the last day of application is on June 30 Shareholders could withdraw an amount which was less than thrice the basic salary and dearness allowance or 75 per cent of the total deposit amountIn addition the bank ATM cash withdrawal rules are going to change from July 1 During lockdown norms for cash withdrawals from a bank ATM were relaxed but are now going to be tightened The relaxation was announced for three months mdash April May June and the deadline is June 30 If there is no extension announced then the old ATM withdrawal rules will get reinstated From July 1 ATM transactions would become expensive for all SBI customersFrom July the rule of minimum balance in the savings account will end If there is no minimum balance in the accounts the bank will be able to charge a penalty on it Currently according to the metro city semiurban and rural areas the limit for keeping a minimum balance in a savings account in different banks is different A minimum balance of Rs 3000 is required in metro cities Rs 2000 in semiurban areas and Rs 1000 in rural areas on the accounts of State Bank of India SBI At the same time this amount in HDFC Bank is Rs 10000 Rs 5000 and Rs 2500 respectivelyFrom July 1 auto debit of monthly contribution will start from Atal Pension Yojana accounts The Pension Fund Regulatory and Development Authority had in April directed banks to stop the auto debit of Atal Pension Yojana till June 30 Now from July 1 auto debit facility will be started once again Most of the subscribers under this scheme are from the lower strata of the society and have been facing severe crunch due to the lockdown A recent PFRDA notification stated that the penalty interest will not be levied if the subscribers pension scheme account is regularised before September 30The last date for payment of the Sabka Biswas Yojana introduced for resolution of old pending disputed matters related to service tax and central excise is June 30 and this scheme cannot be availed from Wednesday The government has made it clear that it will not extend this scheme beyond June 30 In this context the Central Board of Indirect Taxes and Customs CBIC had given information in a tweet that 19 lakh declarations of Rs 90000 crore have been filed under this scheme If this is not paid by June 30 2020 they will not get benefitsUnder the Prime Minister Kisan Samman Nidhi Yojana Rs 6000 is given to the farmers in three installments of Rs 2000 every year So far five installments have been sent to the farmers The scheme can be registered for by June 30 Investors will also have to pay stamp duty on purchasing mutual funds from July 1 Even if you are investing in mutual funds through Systematic Investment Plan SIP and Systematic Transfer Plan STP you still have to pay stamp dutyHowever investors will not have to pay stamp duty on the withdrawal of mutual funds This stamp duty will be levied on all types of mutual funds The effect of stamp duty will be seen most on debt fundsPurchase of mutual funds will attract stamp duty at 0005 per cent Apart from this transfer of units of mutual funds from demat account will attract stamp duty of 0015 per cent The imposition of stamp duty will affect the holding of 90 days and lessCatch up on all the latest Mumbai news crime news current affairs and a complete guide from food to things to do and events across Mumbai Also download the new midday Android and iOS apps to get latest updates MidDay is now on Telegram Click here to join our channel middayinfomedialtd and stay updated with the latest newsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever