Effective today, 1 May 2025, several rules pertaining to banking and finance will kick in. Here's all you want to know.
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Starting on May 1, 2025, frequent ATM users will be subject to higher charges. The Reserve Bank of India's (RBI) revised framework for ATM transaction charges will take effect on May 1, 2025. This will bring about changes in free transaction limits, charges for additional transactions, and interchange fee structures.
The Department of Financial Services (DFS) has notified amalgamation of 26 Regional Rural banks (RRBs) on the principles of “One State One RRB”. This is fourth phase of amalgamation of RRBs which will be effective from 1 May 2025.
The amalgamation of 26 RRBs in 10 States and 1 UT have been carried out with primary focus on improvement in scale efficiency and cost rationalization, the government has said.
"...the Central Government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank, which shall come into effect on and from the 1st day of May, 2025 (hereinafter referred to as the effective date of amalgamation) with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligations," said a central bank gazette notification.
The Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, has introduced electronic processing of Bill of Entry/ Shipping Bill pertaining to gems and jewellery/samples/prototypes through personal carriage by air passengers from 01.05.2025 onwards at specified airports.
A Ministry of Finance release said that the export/import through personal carriage shall be subject to the provisions of Foreign Trade Policy (FTP) 2023 and Handbook of Procedures (HBP), 2023.
The Reserve Bank of India (RBI) has instructed all banks, financial companies, and other regulated entities to use PRAVAAH portal from 1 May 2025.
RBI said that PRAVAAH portal must be used to submit any applications for authorisations, licenses, and approvals.
"...with effect from May 01, 2025, Regulated Entities are advised to use PRAVAAH for submitting applications for regulatory authorisations, licenses, approvals to the Reserve Bank using the application forms already available in the portal," RBI said in a notification.
From May 1, waitlisted passengers will no longer be allowed to board sleeper or AC coaches. Such passengers will be restricted to general class. Meanwhile Indian Railways has reduced the advance booking period from 120 to 60 days, and ticket cancellation refunds will now be processed within just two days.
The Central Board of Direct Taxes (CBDT) has notified the income tax return forms ITR-1 and ITR-4 for the financial year 2024-25 and the assessment year 2025-26. The returns for incomes earned during the financial year from April 1, 2024, to March 31, 2025, have to be filed using the new forms.
The rate of 19 kilo commercial gas cylinder has been reduced by Rs 14.5. After the reduction in price, this cylinder will be available in the capital Delhi for Rs 1747.50 from May 1. Earlier one had to pay Rs 1762 for it. In Kolkata, the price of the cylinder has come down by Rs 17 to Rs 1851.50.
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