Starting June 1, 2023, a slew of changes relating to banking, insurance and gold will come into effect. The annual premium for third party insurance for private cars has been raised from Rs. 2072 to Rs. 2094. If you are thinking of a home loan from SBI, then now it will be slightly expensive.
The second phase of mandatory hallmarking of gold will be enforced. With 256 districts of the country, now hall-marking of gold ornaments and artifacts will be mandatory in 32 new districts.
The government has imposed a crucial condition for exporting coffee from India. Now coffee exporters will have to compulsorily test their products at specified government laboratories before sending them abroad.
Home loan from SBI to get dearer
If you are thinking of a home loan from SBI, it will become slightly expensive from today as SBI has increased its home loan external benchmark-linked lending rate (EBLR) by 40 basis points to 7.05%, while repo linked lending rate (RLLR) will be at 6.65% plus CRP. As per the website of SBI, the revised rates will be effective from 1 June 2022.
Gold hallmarking rules
The second phase for making hallmarking of gold compulsory will be implemented. Gold ornaments and artifacts must now be hallmarked in the additional 32 districts added to the existing 256 districts of the country. This order was issued last year itself but once again a warning has been given from the government’s side.
To identify unclaimed deposits
The Reserve Bank “100 Days 100 Payments” campaign is being rolled out. Under this, the details of unclaimed deposits in all the banks will be ascertained. Instructions have been issued to all the banks in this regard. Under the campaign, each bank will have to identify 100 non collateralized deposits in the district within 100 days and return the money to the account holders.
The insurance premium will be expensive
As per the notification of the Ministry of Road, Transport and Highways, the annual premium for third party insurance for private cars has been increased from Rs. 2072 to Rs. 2094. This is for cars up to 1000 CC.
Meanwhile, for cars with engine capacity between 1000 and 1500 CC, the third party insurance for private vehicles has been increased from Rs. 3,221 to Rs. 3,416 in 2019-20.
For bigger private vehicles with engine capacity higher than 1500 CC, the premium will be reduced from Rs. 7,890 to Rs. 7,897. Similarly, for two-wheelers and electric vehicles, the insurance premium will be expensive.