As we all know, many of the rules of financial services were changed at the beginning of the lockdown so that people’s financial transactions wouldn’t be harmed because of being confined to their homes.
However, these changes were introduced in March, when the lockdown was imposed and were applicable only till June. And now that June has ended, there is a possibility that they may go back to what they were before.
Find out all the details about the changes in the rules of the financial services right here!
Changes In Bank Transactions Fees To End By June 30th
On March 24, around the time the lockdown was imposed, the Finance Minister Nirmala Sitharaman announced some changes to the rules of the financial services. These changes were announced as a part of the relief measures to keep the spreading of the Coronavirus disease in check. These were extended to statutory and regulatory compliance matters that related to several sectors.
These relaxations were applicable for 3 months, viz. April, May, and June.
However, there is no actual news that these rules will be now going back to the way they were before the lockdown was imposed. Also, if the government does not extend the above rules past June, the previous rules of ATM withdrawals will now be applicable from July 1.
It is recommended that customers get in touch with their respective banks to find out if the rules still apply to the transactions, or will they be changed.
Changes Announced By FM Sitharaman From April To June
Rules were made lenient in various sectors, such as Income Tax, GST, Customs and Central Excise, Corporate Affairs, Banking Sector, and Commerce.
She had announced that debit card holders can withdraw cash from the ATMs of other banks without any extra charges being imposed. She had also announced that minimum balance fees would also be waived off, i.e., bank account does not require a minimum balance till the three months.
In addition, the bank charges for digital trade transactions for all the trade finance consumers were also reduced.
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