. . . . Centre for Financial Literacy & Entrepreneurship Development

Several rules are coming into effect in India from October 1, 2020. Amongst these are rules for health insurance, rules for drivers, debit and credit card rules, rules related to LPG cylinder, etc. As all these are significant and related to our day to day life, hence it is important for us to know about the rules that are going to change.

  1. Changes related to Health Insurance: As per the new rules of health insurance, the inclusion of covid-19 will keep 17 permanent illnesses outside the cover. The prices for the premium cover will therefore rise.
  2. Drivers need not to keep physical copies of Driving License and RC while driving: The Ministry of Road Transport and Highways has removed the need for hard copies in one of their amended notifications. Drivers need to keep only a valid soft copy of Driving License and Registration Certificate attached to their vehicle. In this era of digitization, Government has introduced an information technology portal to maintain digitally certificates and e-challans. Drivers can also maintain their vehicular documents online in portals like DigiLocker or mParivahan.
  3. Rules regarding Debit and Credit cards: In order to secure from misusing of Debit and Credit cards the Reserve Bank of India has issued guidelines, where cardholders has the option of opting in or opting out of services, spend limits, etc for international transactions, online transactions and contactless card transactions.
  4. Rules of LPG cylinder: Due to the prevailing situation of Covid-19, the Union Cabinet had extended the time limit to avail free cooking gas cylinders under Pradhan Mantri Ujjwala Yojana (PMUY). The time limit for free connection of cooking gas cylinder ended on September 30. Therefore, there will be no free LPG cylinder under PMUY from October, 1.
  5. Foreign Fund Transfer will attract 5% tax: Any amount spent on Foreign tour packages will attract 5% of tax-collected-at source unless tax is already deducted at source on that amount and apart from foreign tour packages every other foreign remittances made above Rs.7 lakhs will attract the same percentage TCS.
  6. New Rules for Sweet Sellers: The Food Safety and Standards Authority of India (FSSAI) has directed the sweet shop owners to implement the protocol of ‘best before date’ on non-packaged and loose sweets available for customers from October 1.
  7. Television sets on a higher side: Buying televisionwillnow be costlier as Open cell panels will attract 5% import duty from October 1. The Government is targeting to increase domestic production capacity for open cell panels keeping in mind the ‘Atmanirbhar Bharat’ initiative, so that imports can be curbed.
  8. Mustard Oil not to be blended with any other cooking oil: For providing the consumers with quality products,The Food Safety and Standards Authority of India (FSSAI) has banned blending of Mustard oil with any other edible oil in India from October 1.