Several rules and regulations will come into effect from March 1, which will have an impact on the daily life of people. All these measures range from LPG Cylinder prices, fuel rates, to change in the IFSC code and mandatory KYC for SBI customers.
Have a look at a few things that are going to change from March 1, 2021:
No more availability of 2,000 notes in Indian Bank ATM’s:-
The Indian Bank customers cannot withdraw Rs 2,000 notes from ATMs from March 1, however, they can take out notes directly from the bank counter. “After withdrawing cash from ATMs customers come into the bank branches to exchange Rs 2,000 notes for smaller denomination currency notes. To avoid that we have decided to stop the loading of Rs 2,000 denomination notes in ATMs with immediate effect,” the Indian Bank said.
Cooking gas Cylinders:-
New rates for cooking gas cylinders will come in effect as announced by the Oil Marketing Companies (OMCs). Prices were revised thrice in February, amid the increase in crude oil prices. Presently, a 14.2 Kg cylinder is priced at Rs 794 in Delhi while it costs Rs 745.50 in Kolkata and Rs 735 in Chennai.
No free FASTag at toll plazas:-
National Highway Authority of India (NHAI) has announced that customers will have to pay Rs 100 to purchase a FASTag from toll plazas.
IFSC Code of PNSC also to change:-
Punjab National Bank (PNB) users will observe changes in the rules related to IFSC. PNB will be changing the old cheque book and IFSC or MICR code of its associate banks Oriental Bank and United Bank of India. However, the old codes will operate till March 31. But the bank has informed its customers to get new codes to avoid any problems later.
Mandatory KYC for SBI Customers:-
State Bank of India (SBI) customers are mandated to get their KYC done if they wish to keep their accounts active.
The following banks will change IFSC Code:-
Days after the amalgamation of Vijaya Bank and Dena Bank in Bank of Baroda, the IFSC codes of both banks will be changed from March 1, 2021. You no longer will be able to transact with the old IFSC code. Customers can take cheque books with the new MICR code by 31 March 2021, said the BoB.
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Fuel rates:-
Fuel rates are affected almost every day, they reached an all-time high in India. However, the prices will decrease in the country once the winter season ends, Union Minister Dharmendra Pradhan has informed. He said, “Increase in petroleum price in the international market has affected consumers too. Prices will come down a little as winter goes away. It is an international matter, price is high due to increase in demand, it happens in winter. It will come down as the season ends.”
Many special trains will run from March 1:-
Several trains will run from March 1 before Holi festival, announced Indian Railways. According to reports, passengers travelling from Uttar Pradesh and Bihar will get the maximum relief from the running of these special trains. Also, the Western Railways has announced that it will operate 11 pairs, i.e., 22 new special trains on different routes. These trains will run between several routes including Delhi, Madhya Pradesh, Mumbai and some trains have started operating in it. At the same time, some trains will be operational from 1 March 2021.