People Have To Spend More From April 1st!

The new financial year will start in a couple of days. fiscal year 2024-25 will begin. However, it appears that April 1 is not going to be normal this time. The liberal guidelines of RBI made the banks free. With this, the prices are expected to be increased.From the Fastag to NPS a lot of changes are expected to happen in the new financial year.

Pension regulator PFRDA changed the rule of logging into the National Pension System(NPS). From April 1st, only the User ID and Password would not be enough to log into the NPS account. Aadhaar-linked mobile number is also required. After the user ID and password are entered to log in OTP will be sent to the linked mobile number. Only after entering it users can log in.

A big change will be made to the crucial Employees Provident Fund Organisation(EPFO) guidelines from April 1. From the new financial year 2024-25, if an employee changes jobs then the EPF account will be transferred to the new company automatically. As of now, the account is transferred only with the request of the account holders.

From April 1st, the new tax system, the default tax system will change. If the taxpayers won't pick between the new and old systems then the ITR will be filed in the new system. If the old system is selected then the ITR can be filed in the same system. In the new system, there is no need to pay tax up to Rs 7 lakhs income.

The NHAI said that the fatstag users should update the Fastag KYC before March 31. If they fail to do so then their Fastag account will be deactivated. If this happens they cannot make the transactions at the toll gate despite having money in their accounts.

Giving a big shock to crores of account holders, the biggest government bank in the country SBI decided to increase the annual maintenance charges of various cards by 75 rupees. The new rule will come into effect from April 1st. The bank also gave a shock to the credit card users. The reward points that are generated by making payments with the SBI Credit cards will be stopped from April 1st.

The National Pharmaceutical Pricing Authority already declared that under the National List of Essential Medicines, the prices of essential medicines will be increased by 0.0055 percent. With this, the prices of painkillers, antibiotics, and anti-infection medicines will see a rise.