August 2022 has started and the month has brought several financial changes that will affect the common man and their monetary planning. From the Bank of Baroda's Positive Pay System to the decrease in ATF price, several changes have been introduced that the common man should keep in mind.
Here is the complete list
Bank of Baroda Positive Pay System (PPS)
From August 1, the Bank of Baroda proposed introducing a mandatory Positive Pay System (PPS) for cheques issued for amounts above Rs 5,00,000. Clients will have to digitally validate key cheque information for authentication before payment.
PPS involves a process of reconfirming key details like name, date, and amount electronically via mobile app, SMS, UPI, or ATM of large value cheques.
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HDFC RPLR Rate Hike
Since August 1, HDFC has increased its retail prime lending rate (RPLR) on housing loans. This will result in a hike in loans for existing and new borrowers.
A statement by the housing finance company read, "HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022."
Changes in ATF Price
From August 1, the prices of jet fuel were reduced by 12% to Rs 1,21,915.57 per kl from the earlier Rs 1,38,147.93 per kl in Delhi. Air Turbine Fuel or ATF prices in Mumbai have also been reduced to Rs 1,20,875.86 per kl in Mumbai and Rs 1,28,425.21 per kl in Kolkata.
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Late fee for ITR return filing
Even though some taxpayers had demanded to extend the deadline of July 31 to submit income tax returns for the financial year 2021-22 and assessment year 2022-23, the government refused to do it.
Hence, from August 1, a fine-cum-late fee will be charged for the belated filing of ITRs.
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Changes in LPG Cylinder Prices
With the new rates, LPG gas cylinders weighing 19 kilograms will be cheaper by Rs 36 per unit in Delhi. The price of a 19 kg commercial cylinder will now be Rs 1976, while in Kolkata it will be priced at Rs 2095.50, Rs 1936.50 in Mumbai, and Rs 2141 in Chennai.
Meanwhile, the prices for domestic LPG cylinders remain unchanged since the July 6 revision when the 14.2 kg cylinder price was raised by Rs 50 per unit.
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