Financial Changes in May: We are already nearing the half mark of the year, and as a new month has already begun it means that there will be changes in money matters. The financial changes in May include changes in LPG cylinder prices, ATF fuel prices and bank rule changes. From cylinder price rise to rising fuel prices — a host of these new rules will affect the pocket of the common man from this month. For this, it is important to know about them in detail.
Here are Some of the Key Changes that are Set to be Implemented from May, 2022
LPG Cylinder Price Hike
On May 1, state-owned gas retailers hiked the price of 19-kg commercial LPG cylinder by Rs 102.5 to Rs 2,355.50, compared with Rs 2,253 earlier. A five-kg LPG cylinder is now priced at Rs 655. However, the price of a 14.2-kg domestic LPG cylinder stayed unchanged on May 1. LPG cylinder prices are usually hiked during the beginning of each month.
In Delhi, the 19-kg commercial cylinder now costs 2,355.50 as compared with Rs 2,253 per cylinder. In Mumbai, the price of commercial LPG was hiked to Rs 2,307 from Rs 2,205 per cylinder. In Kolkata, the cylinder will be sold at Rs 2,455, instead of Rs 2,351 earlier. In Chennai, the price has been hiked to Rs 2,508, compared with Rs 2,406 earlier.
ATF Price Hike
Jet fuel prices on Sunday were also hiked by 3.22 per cent to an all-time high of Rs 1,16,851.46 per kilolitre. This was the ninth straight increase this year. Air Turbine Fuel, or ATF Fuel prices are revised on the 1st and 14th of every month. In Delhi, jet fuel will now cost Rs 1,16,851.46 per kilolitre (Rs 116.8 per litre), after a hike of Rs 3,649.13 per kilolitre. In Mumbai, jet fuel now costs Rs 1,15,617.24 per kl. It is priced at Rs 1,21,430.48 in Kolkata and Rs 1,20,728.03 in Chennai.
Kotak Mahindra Bank Rule Change
Effective from May 1, private lender Kotak Mahindra Bank has introduced a host of changes for savings and salary account holders. Savings account holders of the bank will see revised fees for various services. The bank has also put in place fees for cheques issued and returned for non-financial reasons for all customers with savings and salary accounts. This includes incomplete, differing and illegible signatures. A fee of Rs 50 per instance will be charged from now on, the bank has said in a notification. Kotak Mahindra Bank has also increased cheques deposited and returned fee and the standing instruction failure fee from Rs 100 to Rs 200 per instance.
PM KISAN e-KYC
Farmers who receive the benefits of PM-KISAN scheme will be required to mandatorily add their e-KYC details by May 31 to keep receiving benefits. PM-KISAN e-KYC can be done online. The deadline has been extended from May 22 to May 31 for all eligible farmers.