Changes coming into effect from 1st June in LPG price, ITR filing, gold hallmarking

From 1st June changes in LPG price, ITR filing, gold hallmarkingChanges coming into effect from 1st June in LPG price, ITR filing, gold hallmarking

The nationwide lockdown will not be eased in selected states like Madhya Pradesh, Uttar Pradesh and Delhi. These states are now allowed to indulge in economic activities and open institutions, manufacturing plants, construction companies, and building projects.

Many policies and schemes which are somewhere affecting ordinary people will be altered by June 1. These changes include LPG cylinder price, a new interface for the Internal Revenue Service’s website where returns are filed, gold hallmarking, and interest on small savings.

  • New Provident Fund Rule

If you are employed, this news is going to be very much beneficial for you. The EPFO has altered the rules for the people who are having a provident fund account. From 1 st June, the company should have to link the aadhar card to every employee’s account, according to the new rule.

  • The cost of an LPG cylinder could rise.

In the upcoming month, the price of LPG is also going to change radically. The LPG prices are announced by oil firms every month. Delhi is right now selling a 14.2kg LPG cylinder at Rs.809. Based on the rise in fuel prices, gas price is likely to be increased from 50 to 100 rupees for each LPG cylinder.

  • Air travel is expected to grow more expensive.

From June 1 we have to pay more for Air Travel. The national government has agreed to raise the minimum airfare limitation to 16%. The airfare limit has been raised from 13 % to 16 %. This hike will go into effect on June 1. In order, the Ministry of Civil Aviation stated that there had been no rise in the top fare limits.

  • Changes in modest savings scheme interest rates

Many government schemes such as Sukanya Samridhi Yojan, NSC, PPF were changed in March. However, the government then reversed its decision, claiming that the move was due to a mistake on the side of the Centre. The government’s decision was then considered for being connected to elections in five Indian states. From June 1, this is also scheduled to be modified. The increased tariffs, however, are only in effect until June 30.

  • BOB(Bank of Baroda)Payment Process

Bank of Baroda is coming up with new big changes in cheque payment rules from June 1. The bank is going for the ‘Positive Pay Confirmation’ from the first date of the upcoming month. However, the bank has stated that the ‘positive pay confirmation’ requirement will only apply to payments over Rs.50,000 for the convenience of consumers. According to the bank’s website, the check’s issuer will now be required to provide the beneficiaries’ details in advance. This, according to the bank, will take less time. Furthermore, the action is expected to combat check fraud.

  • Gold hallmarking rules

Due to the Covid-19 outbreak, the federal government has pushed back the statutory hallmarking date for gold jewellery and artefacts to June 15. Consumer affairs minister Piyush Goyal presided over the meeting that made the decision. It was supposed to go into action on June 1. The jewellery business and traders affiliated with the trade union Confederation of All India Traders had petitioned the government to delay hallmarking. The government has agreed to their demand in light of the current circumstance.

  • ITR’s new website

The previous website would be unavailable from June 1 to 6, signalling a substantial change in Income Tax return filing. The government will launch its new website, income tax gov. in, on June 7. Officials claim that the new website would be more advanced and user-friendly than the previous one


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