EPFO to cheque payment rules: Why June 1 is an important date

• Follow

Changes in several policies and schemes will come into effect from June 1 that may impact your life in one or another way. These changes include a hike in LPG cylinder price to an increase in ticket prices for domestic flights.

Here’s a detailed list:

EPFO-Aadhaar linking

Every EPFO account holder will now have to mandatorily link his/her provident fund account to the Aadhaar card. Failing to do so will lead to the discontinuance of the employer’s contribution to the pension fund account since employers will not be able to file ECRs for the EPF accounts not linked with Aadhaar. In an update, EPFO said, “Dear Employer, with the coming into force of Section 142 of the Code on Social Security, 2020, the ECR shall be allowed to be filed only for those members, whose Aadhaar numbers are seeded and verified with the UANs, w.e.f 01.06.2021’’.

LPG cylinder price hike

Oil companies have revised the prices by Rs 122 for commercial LPG cylinders from today while there is no change in household cylinders. These rates are updated on the 1st of every month. After today’s revision, a 19 Kg Cylinder used commercially will be available for Rs 1,473.50 from its earlier price of Rs 1,595.50. While the price of a 14.2 kg LPG cylinder, which is commonly used in our households, remains the same at Rs 809 in Delhi.

Bank of Baroda’s new cheque payment rules

The public lender has made ‘Positive pay confirmation’ mandatory from June 1 to prevent fraud incidents in payments made via cheques. “Centralized Positive Pay System is proposed to be mandatory from 1st June for all the cheques issued for Rs 2 lakhs & above. Avail the benefit of the Positive Pay System & prevent fraud in your account,” Bank Of Baroda said in a tweet.

Minimum airfares to be increased

Domestic flights have become expensive by 13-16% from June 1 as the Ministry of Civil Aviation (MoCA) has agreed to increase the lower limit. According to the MoCA directive, the price for domestic travel of fewer than 40 minutes would now cost between Rs 2,300 to Rs 2,600, with a 13%. While the flights with a duration between 40 minutes and 60 minutes will now start from Rs 3,300 instead of Rs 2,900. The move is aimed to help airlines in recuperating costs as the volume of air travel has declined by a significant margin over the course of the second wave of Covid-19 in India.

Changes in income tax e-filing portal

From today the portal used for filing income tax returns has become inactive. And, the process for the new portal has started which will take 6 days. Hence, you will not be able to file your IT return from June 1 to June 6. The Income Tax Department will launch a more user-friendly website on June 7. After the launch, you would be able to file your income tax return.