People all over the world bid goodbye to 2015 and entered 2016 with a lot of anticipation and resolutions to match. However, before making any plans, everyone should be aware of the change in norms effected by the Centre that have gone live starting January 1, 2016. On the first day of the new year, a slew of new rules, laws and regulations have come into effect that will have a powerful impact on how money is spent or saved. Here we list the top 10 new regulations:
Odd-even rule in Delhi: The odd- even vehicular restriction policy of the Delhi government came into effect today with thousands of volunteers taking to the streets to assist traffic police in enforcing the pilot plan that will stay in force in the national capital till January 15.
Call drops compensation: Telecom companies will have to start compensating mobile subscribers for call drops from Friday, subject to a cap of Rs 3 a day (Rs 1 for each call drop) per subscriber.
PAN mandatory for term deposits: PAN will be mandatory on purchase of immovable property of over Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth Rs 5 lakh. A false declaration by an individual not possessing PAN card for certain value of transactions can land him upto a seven-year jail term and a hefty fine as part of Income Tax regulations that will come into force from January 2016.
PAN for cash transactions: Furnishing PAN will be obligatory from today for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000 – a move aimed at curbing the black money menace. Besides, PAN will be a must for all transactions, including purchase of jewellery, above Rs 2 lakhs in cash or through card with effect from January 1, 2016, the Finance Ministry said in a notification.Indian Oil Corporation has hiked prices of non-subsidised LPG cylinders, or the cooking gas a consumer buys on exhausting the subsidy quota. The hike came into effect from midnight of December 31, 2015 and January 1, 2016.
LPG cylinders price hike: Indian Oil Corporation has hiked prices of non-subsidised LPG cylinders, or the cooking gas a consumer buys on exhausting the subsidy quota. The hike came into effect from midnight of December 31, 2015 and January 1, 2016.
LPG subsidy row: With effect from today, cooking gas consumers with taxable income of more than Rs.10 lakh per annum under Income Tax Act will no longer get benefit of the subsidy on LPG cylinders.
CNG for automobiles: Compressed Natural Gas (CNG) for automobiles in the national capital region will cost Rs 1.5 per kg less during odd-hours – midnight to 5 am – with effect from midnight today.
ATF price cut: Oil companies cut aviation turbine fuel ATF prices by 10 pct on account of low crude oil prices globally.
Parliament canteen: Food items in Parliament canteen will be much dearer from today, with the rates being hiked in varying degrees in view of controversies over the items being served there at subsidised rates.