The rules of check clearance changed from Aadhaar-PF link

New Delhi, Dt

Rules ranging from Aadhar-Pan card link to Aadhar-PF link and check clearance as well as GSTR1 have been changed from Wednesday, September 1, which will have a direct impact on the lives of ordinary people.

State Bank of India (SBI) has made it mandatory for its customers to link PAN card and Aadhar card by September 30. According to bank officials, account holders who do not follow this rule may face problems in future financial transactions. As per the previous guidelines, Rs. Account holders wishing to deposit more than Rs 50,000 should be linked to the account page.

From September 1, employers in the country who have an Aadhaar number linked to a Universal Account Number (UAN) will only be able to deposit their contributions into the Provident Fund account. The Employees Provident Fund Organization (EPFO) has amended Section 19 of the Code of Social Security, 2020 to make it mandatory to link Aadhaar and PF accounts for various services and benefits, including payment.

A new rule for Goods and Services Tax (GST) has come into force from September 1. "As per the new rules, all the details have to be submitted in accordance with Section 4 (2) of the Central GST Rules while filing GSTR-1," the GSTA said. According to the new protocol, no one can file GSTR-1B unless he / she fills out the GSTR-2B form.

The Reserve Bank of India (RBI) introduced a new positive pay system for check clearing in the year 2020 to verify the details of the check issuer to prevent financial fraud through checks. This system has been implemented from January 1. However, Axis Bank has started implementing the new system from September 1. Under the new system of check clearance, customers issuing high value checks are required to report it to their banks.