Several new government rules – which will have a direct impact on your pockets – are set to come into effect from March 1. This includes changes in social media rules, bank loans, LPG cylinder rate, and more.
LPG prices
The majority of households in the country use liquefied petroleum gas (LPG) for cooking purposes. LPG prices in India are determined by state-run oil marketing companies and are revised at the beginning of each month. As the price of LPG gas cylinders was not raised the last time, there is a possibility that it will be increased from March 1. The current price of a 14.2 kg LPG gas cylinder in various cities is as follows:
New Delhi- ₹ 1,053.00
Mumbai- ₹ 1,052.50
Bengaluru- ₹ 1,055.50
Chennai- ₹ 1,068.50
Hyderabad- ₹ 1,105.00
Bank loans
The Reserve Bank of India had increased the repo rate on February 8 in a bid to control inflation. Following that, many banks raised their Marginal Cost of Funds Based Lending Rate (MCLR) rates. The effects of a rise in repo rate – the interest rate charged by RBI on commercial bank borrowings – trickle down to personal loan borrowers and bank depositors. Banks will raise the interest rate on retail loans and the tenure of the loan; the higher the remaining tenure of the loan, the higher the EMI.
Train schedule
The Indian Railways could possibly make some changes in the schedule of trains with the onset of summer and ahead of festival season in the country. According to an ABP News report, from March 1, the schedule of 5,000 goods trains and thousands of passenger trains may be revised.
Bank holidays
Banks will remain closed for 12 days in March as many festivals like Holi, Chaitra Navratri are celebrated during the month. The holidays include second and fourth Saturdays, and all Sundays. In case of any important bank work, it is advised to check the list of bank holidays as per RBI. The holidays may vary according to states.
Social media rules
The Indian government recently amended the IT rules. Social media platforms such as Twitter, Facebook, YouTube, and Instagram will now have to comply with the new Indian regulations. The new policy will apply to posts that incite religious violence and could come into effect from March. Factually incorrect posts may also result in culprits being fined.
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