ATM charged hiked
Cash withdrawal charges on ATMs will be hiked from January 1. Customers will have to shell out more money for both cash and non-cash ATM transactions beyond the free monthly permissible limit. Customers in Bengaluru, Mumbai, Chennai, Kolkata, Delhi, and Hyderabad can avail up to three free transactions from their own bank ATMs. Customers in other towns can get five free transactions. RBI has allowed banks to increase the ATM charges to Rs 21 per transaction if they exceed the monthly free transactions limit. "Applicable taxes, if any, shall be additionally payable,” an RBI notification said.
Vehicle prices will go up
Vehicles will become dearer as manufacturers are raising prices due to higher input costs. Maruti Suzuki, Tata Motors have announced a price hike for their models up to 2.5 percent, starting January 2022. Toyota, Honda, Skoda, Renault, Volkswagen (between 2 percent and 5 percent), Citroen (3 percent), Mercedes-Benz (2 percent), Audi (3 percent) and two-wheeler maker Hero MotoCorp (up to Rs 2000) and two wheeler companies Dukarti and Kawasaki too hiked prices of their models in India.
Change in GST rates
Changes in GST rates will lead to price hike from Januray 1. Two-wheelers and three-wheelers on e-commerce platforms like Ola and Uber will attract five percent GST. The GST rates on items like footwear and appparel priced above Rs 1,000, have been increased to 12 percent from 5 percent. Fabrics, tents, synthetic yarn and blankets too will be charged hiked GST.
India Post transactions
Four transactions in cash at India Post Payment Bank Branches (IPBBs) will be free for IPPB account holders. A fee of 0.50 percent of the transaction amount is payable for each subsequent transaction subject to a minimum of ₹25 per transaction.
Food online
Five percent GSTwill be applicable on food purchased on the online platform. The amount charged as tax from hotels will be passed on to consumers. In addition to this, 18 percent GST will be charged for other expenses including delivery charge
Safe deposit lockers
The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks. Banks are liable to pay compenasation to customers due to theft, robbery, building vandalism and employee fraud. This is up to 100 times the annual rent of the locker. Currently the bank has no liability for the items in the locker. Banks should not insist on Term Deposits from the existing locker holders or those who have a satisfactory operative account.If the rent has not been paid for three years, the bank can open the locker and check. Banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers.
Failing to file the IT returns
Penalty for filing an income tax returns after the deadline has been reduced from Rs 10,000 to Rs 5,000. If the income is below the taxable limit, no penalty is payable.
