From today i.e. March 1, 2021, a range of laws and rules will impact every individual's life. LPG Cylinder prices, fuel rates, and mandatory KYC for SBI customers are just a few of the regulations including changes in fuel rates. So let's take a look at some of the things that will change from today.
1. LPG Rates
Oil Marketing Companies (OMCs) unveil new cooking gas cylinder prices on the first of the month. That being said, amid rising crude oil prices, the rates were revised three times in February. A 14.2 kg cylinder costs Rs 769 in New Delhi, Rs 845.50 in Kolkata, and Rs 835 in Chennai as of now.
2. Fuel prices
Fuel prices are updated on a regular basis, but in India, they have hit an all-time high due to rising crude oil prices. That being said, as the winter season draws to a close, Union Minister Dharmendra Pradhan has speculated that fuel prices will decline in the nation. "Increases in the price of fuel on the global market have influenced customers as well. As winter passes, costs will decline marginally. It is an international problem, and the price is high due to increased demand, which occurs during the winter. "As the season continues, it will decrease," he added.
3. Customers of SBI are mandated to complete the KYC procedure
Customers of the State Bank of India (SBI) will be required to complete their KYC by March 1 in order to keep their accounts functioning.
4. ATMs of Indian Bank do not allow Rs 2,000 note
Customers will no longer be allowed to withdraw Rs 2,000 notes from Indian Bank ATMs as of March 1. They would be able to withdraw the cash from the bank desk, though. "Customers visit bank branches to swap Rs 2,000 notes for lower denomination currency notes after withdrawing cash from ATMs. To prevent this, the Indian Bank has agreed to suspend the loading of Rs 2,000 denomination notes into ATMs with the official notification.
5. Adjustments of IFSC codes of some banks
The IFSC codes of both banks will be updated on March 1, 2021, following the merger of Vijaya Bank and Dena Bank with BoB. It implies that you won't be able to make transactions using the old IFSC code. Customers will be able to get cheque books with the latest MICR code by March 31, 2021, according to Bank of Baroda. From 1 April 2019, Vijaya Bank and Dena Bank have merged with Bank of Baroda (BoB). Customers of Dena Bank and Vijaya Bank were then switched to Bank of Baroda.
6. After the merger, the IFSC code of PNSC will also be altered
The laws regulating IFSC are also being updated by Punjab National Bank (PNB). The old cheque books and IFSC or MICR code of Punjab National Bank's affiliate banks Oriental Bank and United Bank of India will be updated. While the old codes will operate until March 31, the bank has urged its customers to receive new codes as soon as possible to prevent potential issues.
7. At toll booths, there will be no free FASTag available
Customers will have to pay Rs 100 to buy a FASTag from toll plazas starting March 1, according to the National Highway Authority of India (NHAI).
8. Few special trains will start running from March 1st
Indian Railways has confirmed that multiple trains will begin running on March 1. Passengers in Uttar Pradesh and Bihar will benefit the most from the special trains' service. But apart from that, Western Railway has planned to run 11 pairs of new special trains on multiple lines, totaling 22 new special trains. These trains will fly between Delhi, Madhya Pradesh, and Mumbai, among other destinations. Some trains have begun to pass through it. At the same time, starting March 1, 2021, some trains will be functional.