Rule Change : July 1, the merger of Housing Development Finance Corporation i.e. HDFC Ltd with HDFC Bank, the largest private sector bank in the country, is becoming effective. After this merger, the services of HDFC Limited will be available in all the branches of the bank.
The month of July (July 2023) has started from today and like every month, this month has also brought many big changes. These include everything from the kitchen to changes related to your bank account. These changes (Rules Change From July 1), which will be implemented from the very first day of the month, 1 July 2023, are going to have a direct impact on the pocket of the general public. The biggest of these changes from today is related to the banking sector, in fact, the merger of HDFC Bank and HDFC Ltd is becoming effective from today. Let us understand about them in detail…
No change in LPG prices
Oil and gas distribution companies revise the prices of LPG on the first of every month, the effect of which is seen across the country. This time the companies have not made any change in the prices of LPG. Means the price of both domestic and commercial LPG cylinders has been kept constant. Significantly, for the last two consecutive months, companies had given relief by cutting the price of 19 kg commercial LPG gas cylinders.
Earlier, on the first date of the last month i.e. June 1, 2023, the cylinder was made cheaper by Rs 83.5, while earlier on May 1, 2023, the price of commercial cylinder was reduced by Rs 172. However, there was no change in the prices of 14 kg LPG Cylinder used in domestic kitchens.
On June 1, 2023, the cylinder was made cheaper by Rs 83.5, while earlier on May 1, 2023, the price of commercial cylinder was reduced by Rs 172. However, there was no change in the prices of 14 kg LPG Cylinder used in domestic kitchens.
HDFC-HDFC Bank Merger
Another big change has happened in the banking sector from 1st July today. The merger of Housing Development Finance Corporation ie HDFC Ltd with HDFC Bank, the largest private sector bank in the country, has become effective. After this merger, the services of HDFC Limited will be available in all the branches of the bank. Meaning, all other services including loans, banking will be provided in the branch of HDFC Bank. HDFC Limited and after this merger is effective, HDFC Bank has joined the list of most valuable banks in the world. Now HDFC Bank will become the fourth most valuable bank in the world.
According to Bloomberg, the market capitalization of the bank has increased to around 14.09 lakh crores. After the merger, now the bank will have about 12 crore customers. Significantly, just before this merger, HDFC Group Chairman Deepak Parekh resigned from his post on Friday. In a letter to shareholders on Friday, he wrote, ‘Time to hang my boots…’
RBI Floating Savings Bonds
In today’s time, fixed deposits ie FDs are given more importance in the best investment options. Be that as it may, all the banks offer great interest to the customers on these. Today, from July 1, 2023, an investment instrument is going to get better interest than FD. We are talking about RBI Floating Rate Savings Bonds 2022, even though its interest rate is not constant like the name and it keeps changing from time to time. At present, interest is being given at the rate of 7.35 per cent, which has been increased to 8.05 per cent from July 1.
15 days break on work in banks
Reserve Bank of India (RBI) has released the Bank Holiday In July 2023 list. This month, banks will remain closed for a total of 15 days due to various events or festivals in different states across the country. These holidays include weekly holidays of second and fourth Saturdays along with Sundays.
If you look at the Bank Holiday list, apart from the weekly holidays, Guru Hargobind Ji Jayanti on July 05, MHIP Day on July 06, Ker Puja on July 11, Bhanu Jayanti on July 13, U Tirot Sing Day on July 17, Drukpa Tse-ji on July 21 , Ashura on July 28 and Muharram (Tazia) holidays on July 29. However, in case of bank closure, you can settle banking work from home through 24X7 online services of banks.
Shoes and slippers of poor quality will not be sold.
The Central Government has announced the implementation of the Quality Control Order (QCO) across the country, which is to be implemented from July 1. After this, it will be necessary for all footwear companies to follow the quality control order rules. That is, from July 1, 2023, the manufacturing and sale of poor quality footwear will be banned across the country.
These changes are also applicable from today,
apart from these changes, the deadline for linking with PAN Card and Aadhaar Card was 30 June 2023, which is now over. The PAN card of the PAN card holders who do not do this important work till the due date can now be deactivated and a heavy fine may have to be paid for using the closed card as a document in any work. According to Section 272B of the Income Tax Act, there is a provision for a fine of up to Rs 10,000 for doing so.
Along with this, the government has increased the interest rate on some savings schemes including Recurring Deposit (R) by 0.3 per cent for the July-September quarter, which is effective from today i.e. July 1, 2023. The government has increased the interest rate on five-year RD from 6.2 per cent to 6.5 per cent. Apart from this, the interest rate on one-year FD in the post office has been increased by 0.1 percent to 6.9 percent, the interest on two-year FD has increased to 7.0 percent.
