Every month brings new changes. In this sequence, today i.e. from August 1, some such rules are also changing which can have a direct impact on you. These changes include many important changes in UPI, LPG gas prices and many important rules related to banking. These changes are such that will directly affect your everyday tasks and your pocket. In such a situation, you should know about these important changes in time and plan your plans accordingly.
UPI: Now you will be able to check the balance only 50 times a day
Many big changes are happening in UPI from August 1. The biggest change is that now you will be able to check the balance only 50 times a day. You will be able to see the list of bank accounts only 25 times.
Change in the time of autopay transactions as well.
Frequent UPI autopay transactions like installments, mutual fund SIP, and OTT subscriptions will now be completed only during non-peak hours. The time for autopay transactions will be before 10 am, between 1 pm and 5 pm, and after 9:30 pm. This means that if your Netflix bill used to be deducted at 11 am, now it can be deducted before or after. Similarly, if your UPI payment fails, then you will get only three chances to check its status. You will have to wait for 90 seconds between each attempt.
The name of the recipient will be visible while sending money
Now you will always see the name of the recipient while sending money. This will help in avoiding wrong payment.
The Banking Amendment Act comes into force from today.
The major provisions of the Banking Laws (Amendment) Act, 2025, will come into force from August 1. The amended law aims to improve bank administration and ensure the safety of depositors and investors. To improve audits in public sector banks and to increase the tenure of directors in cooperative banks. Now, public sector banks will be allowed to transfer unclaimed shares, interest, and bond amounts to the Investor Education and Protection Fund.
New trading hours for market repo and tri-party repo operations
Trading hours for market repo and tri-party repo operations will be extended by one hour to 4 pm. The new time will be from 9 am to 4 pm.
No GST on UPI transactions above Rs 2,000
There is also good news for UPI users and that is that there is no proposal to impose GST on UPI transactions above Rs 2,000. Recently some such news came to the fore, after which on July 22, Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha that the GST Council has not recommended any GST on UPI transactions.
25% US tariff will now be applicable from August 7
US President Donald Trump's order to impose a 25 percent tariff on imports from India will now be applicable from August 7. President Trump issued this order late at night. Earlier, the US tariff was to be effective from today (August 1). With this, most of the products exported from India to America are sure to become expensive there. It is believed that this may shock Indian exporters, because America is a big buyer of Indian products, and if the US tariff on the goods sent from India increases, then the citizens there may prefer goods coming from other countries at lower tariff rates instead of Indian products.
Commercial LPG gas cylinder prices cut.
Oil marketing companies have cut the prices of commercial LPG gas cylinders. The price of a 19 kg commercial LPG cylinder has been reduced by Rs 33.50, which will be effective from August 1, 2025. After the new prices come into effect, the price of a 19 kg commercial LPG cylinder in Delhi will be Rs 1631.50 from August 1, which is currently priced at Rs 1665.00.
However, common consumers have not got any relief. There has been no change in the prices of 14.2 kg domestic LPG cylinder. The prices of LPG cylinders are reviewed on the first of every month. This time the change has been limited only to commercial cylinders.
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