LPG Cylinder Price, New Banking Rules: These Major Changes will Directly Impact your Household Budget

The final month of the current fiscal year has begun. Several changes went into effect on March 1st, which will have an impact on people's daily life. Among the important changes is a revision in the price of commercial LPG cylinders.

Here is a list of other major changes:

• This month, India Post Payment Bank (IPPB) will implement closure charges for its digital accounts. "The charges shall be applicable only if the Digital Savings Bank (DGSB) account is closed at the end of the one-year period owing to non-updation of KYC," the bank stated in a statement. Users will be charged Rs.150 (plus GST) for the closure of digital accounts and the new rule will come into effect from March 5, 2022.

• Amul has raised the price of their pasteurized milk packet by Rs.2.  According to the Gujarat Co-Operative Milk Marketing Federation (GCMMF), which markets products under the Amul brand, this rise went into effect on March 1 across the country. Parag Milk Foods Limited has also increased the price of its Gowardhan brand of cow milk by Rs. 2 per liter from today.

• The prices of 19 kg commercial LPG cylinders have been raised by Rs.105 as of March 1. With this increase, a 19 kg commercial cylinder in Delhi will cost Rs.2012 from Tuesday.

• The price of a 5 kg cylinder has also risen by Rs.27. In Delhi, a 5 kg cylinder now costs Rs.569.

• On Tuesday, jet fuel prices were raised by 3.3% to all-time highs across the country, in line with international oil prices jumping to more than a seven-year high. Following an unrelenting rise in global oil prices, this is the fifth hike in jet fuel or Aviation Turbine Fuel (ATF) costs this year. Petrol and diesel prices, on the other hand, remained unchanged for a record 116th day in a row.

• Lakshmi Vilas Bank's (LVB) IFSC codes, which are used to transfer money digitally, will be updated from March 1. This is the result of its November 2020 merger with DBS Bank India Limited (DBIL). DBS stated in a press release that the previous IFSC codes will be valid only until February 28, 2022. It had notified consumers of the change, allowing them to receive funds via NEFT/RTGS/IMPS.

• Pensioners who have not submitted their life certificates may face problems as of March 1. The administration had said that the deadline for submitting the life certificate was February 28. The deadline is usually November 30 every year, but the government has delayed it twice this year. Those who missed the deadline this year should anticipate their pensions to be terminated, and they will have to go through a lengthy procedure to get them reinstated.