LPG Price Hike, Expensive Loans: Money Changes That Will Impact Your Budget From March 1

Several rules pertaining to banking, financial and other sectors are set to change from Wednesday, March 1. Since these new rules are set to impact the day-to-day lives of the common man and hence it is important to know more about these changes in detail.

Check here key changes that would impact your everyday life from March, 2023

EMIs May Get Expensive

The Reserve Bank of India has recently increased the repo rate. After this many banks have increased the MCLR rates. This will directly affect the loan and EMI. Loan interest rates may increase, and the burden of EMIs may bother the common man.

CNG, LPG Cylinder Price Hike

LPG, CNG, and PNG gas prices are fixed at the beginning of every month. Although the price of LPG cylinders was not increased last time, this time it is expected that the price can be increased due to the festival.

DA at 6% from March 1

Bengal government issued a notification for the grant of Dearness Allowance (DA) to the employees of statutory bodies, government undertakings, Panchayats, including Panchayat karmee, urban local bodies, the teaching and non-teaching employees of government-aided educational institutions, pensioners, and family pensioners at the rate of six per cent of the basic pay with effect from March 1.

The six per cent in DA is the total of the three per cent increase announced in December 2020 (meant for January 1, 2021 implementation) and a similar raise declared recently in the state Assembly on February 15, soon after tabling of the state Budget. The notification follows the recommendations of the 6th Pay Commission.

PAN-Aadhaar Linking Deadline

The Income Tax Department has issued a warning for PAN (Permanent Account Number) holders to link their PAN with their Aadhaar card, the deadline for which is set at March 31, 2023. If PAN is not linked with Aadhaar by March 31 it will become inoperative.

Changes to the Train Schedule

The Indian Railways may make certain schedule adjustments at the same time as summer approaches. In March, the list can be made public. According to media sources, starting on March 1, the schedule for 5,000 cargo trains and thousands of passenger trains may be altered.

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