Rule Change from 1st June 2023: Subsidy Reduced on Electric Two-Wheelers, Banks to Trace Unclaimed Money
India is set to experience some rule changes from June 1, 2023, which will benefit some while disadvantage others. As is the case every month in India, rule changes are a norm, and June will see some crucial amendments. The changes include the prices of LPG cylinders and CNG-PNG. Here are the highlights of the rule changes:
Subsidy Reduced on Electric Two-Wheelers
From June 1, 2023, buying electric two-wheelers will become more expensive in India. The Ministry of Industry has reduced the subsidy on electric two-wheelers from Rs 15,000 per KWH to Rs 10,000 per KWH. This reduction in subsidy will increase the prices of electric two-wheelers by approximately 25 to 30 thousand rupees.
Banks to Trace Unclaimed Money
The Reserve Bank of India (RBI) has announced a “100 Day 100 Pay” campaign starting from June 1. The campaign aims to trace the real owner of unclaimed amounts deposited in bank accounts. Under this campaign, the top 100 unclaimed amounts in each district of the country will be detected within 100 days to settle them. Public sector banks had transferred an unclaimed amount of about Rs 35,000 crore to the Reserve Bank, deposited in accounts that had no transaction for ten years or more.
LPG Price Change
The prices of cooking gas are changed on the first of every month by government oil companies. Last May and April, the price of a 19 kg commercial LPG cylinder was reduced on the first date. However, there was no change in the prices of 14 kg LPG cylinders.
In conclusion, while some may have to bear the brunt of these rule changes, others may benefit. It is essential to keep track of such changes to stay informed and plan ahead accordingly.
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