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LPG Cylinder Price, Banking Rules: Big Changes In March

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LPG Cylinder Price, Banking Rules: Big Changes In March
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India Post Payment Bank has now started charging those who will close their digital savings account.

The final month of the financial year has started. On the first day of March, several changes have come into effect which will affect the day-to-day lives of people. Among the important changes is revision in the price of commercial LPG cylinders.

Here is a list of other changes:

  1. India Post Payment Bank (IPPB) will implement the closure charges for its digital accounts this month. “The charges shall be applicable only in case the Digital Savings Bank (DGSB) account is closed at the end of one year period due to non-updation of KYC,” it said in a statement. The 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.

  2. Amul has increased the price of its pasteurized milk packet by Rs 2. Gujarat Co-Operative Milk Marketing Federation (GCMMF), which markets products under the Amul brand, said this increase has been implemented across the country from March 1. Parag Milk Foods Limited has also raised the price of its Gowardhan brand of cow milk by Rs 2 per litre from today.

  3. Oil marketing companies (OMCs) have increased the price of 19kg commercial LPG cylinders by Rs 105 in Delhi and Rs 108 in Kolkata. The price of 5kg commercial LPG cylinder has also been hiked by Rs 27. With this increase in prices, a 19kg commercial cylinder will cost Rs 2,012 in Delhi and Rs 2,095 in Kolkata respectively from March 1. There has been no change in the rates of domestic cylinders.

  4. Jet fuel prices on Tuesday were increased by 3.3 per cent to all-time high levels across the country, in step with international oil prices surging to over seven-year-high. This is the fifth hike in jet fuel or Aviation Turbine Fuel (ATF) prices this year following an unrelenting rise in global oil prices. However, petrol and diesel prices remained unchanged for a record 116th day in a row. 

  5. The IFSC codes – used to transfer money digitally – of Lakshmi Vilas Bank (LVB) will be changed from March 1. This is the result of its merger with DBS Bank India Limited (DBIL) in November 2020. In a release, DBS had said that the old IFSC codes will be valid only till February 28, 2022. It had notified customers of the change so that they are able to receive funds via NEFT/RTGS/IMPS.

  6. Pensioners who have not submitted life certificates could face trouble from March 1. The government had announced that the last day to submit the life certificate was February 28. The deadline is usually November 30 every year, but was extended twice this year by the government. The pension of those who missed the deadline this year is expected to be stopped and they stare at a lengthy process to get it restarted.

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