Government decisions of 2017

GST at midnight

This year's biggest change and economic recovery is GST. Prime Minister Narendra Modi and President Pranab Mukherjee implemented the GST at 12 o'clock in the Central Hall of Parliament at around 12 o'clock in the Central Hall. Simultaneously, a dream of a country, a tax has come true. As soon as the GST was implemented, the VAT, service tax and central excise duty, as well as the central and state taxes, were exhausted 17.


Discount on Car Loan Processing

Car, gold and personal loan were cheaper in the festive season. State Bank of India has given 100% discount in the processing fees of such loans. By the end of October 31, 50 percent of the processing fee was given on taking a gold loan.


Home loan cheaper

This year, many private banks, including the government, made loans cheap by reducing home loan rates. SBI reduced the interest rates for home loan up to Rs 30 lakh by 0.25 percent. HDFC cut home loan rates by 0.45 per cent. ICICI cut interest rates by 0.25 percent. Punjab National Bank reduced the fund's marginal cost based borrowing rate to 0.25 percent. Canara Bank also reduced the interest rate on savings accounts.


The date of linking bank accounts with base increased

By the end of the year, people got relief news that the last date for connecting bank accounts with base and PAN has been extended by the Central Government. This can be done by March 31, 2018. Earlier, the government had fixed the last date for December 31, 2017.


New deadline to link base-pan

The new deadline for linking Pan-Pan has been done on March 31, 2018. It was believed that the deadlines of base-pan linking could be extended. Earlier, the last deadline for base-link linking was fixed on 31 December 2017.


IMPS charges deducted

In order to promote digital transactions, SBI reduced its IMPS charges, giving relief to its customers. This deduction was up to 80 percent. During Net Banking, no fee will be levied for the transfer of a fund of up to one thousand rupees under IMPS service. At the same time, transfer of funds from 1001 to 10 thousand rupees will now cost only a rupee fee. Transfer of funds from 10 thousand rupees to one lakh rupees will be charged only for two rupees and for transferring from one lakh rupees to two lakh rupees, only 3 rupees will be charged.


SBI reduced the minimum balance limit

State Bank of India reduced the Minimum Monthly Average Balance Limit. Earlier this limit was Rs 5,000. This new rule came into effect from October 1. The bank said that it has decided to reduce the minimum average balance in metro cities to 3,000 rupees.


Rail ticket booking with Bhim app

With the aim of encouraging people to book train tickets from 'Bhim' app or 'UPI', Railways introduced a lucky draw scheme. Under this, five lucky winners will receive full money back of the trip every month. The plan, which began from December 1, will run until March 31. No traveler needs to pay an extra fee for this.


Tejas on the tracks

In May, the then Railway Minister Suresh Prabhu released the Semi High Speed ​​Train Tejas Express, which is equipped with the most state-of-the-art facilities, through video conferencing from Dadar in Mumbai. Among the first passengers, there were 419 chairmen and 31 passengers in the executive class. In each coach, there was also a provision for the table of refreshments in addition to tea and coffee vending machines. Its speed is 130 kmph. Seats are very comfortable as the business class seats of the aircraft. Doors are fully automatic, AED, WiFi and CCTV cameras for lighting, water-tapped sensors and hand dryers, bio vacuum toilet, equipped with smoke and fire detection systems, and GPS-based information display systems.


Daily change in petrol prices

Like GST, it was also an important decision of the year that affected the lives of consumers. From June 16, petrol and diesel prices started changing every day. The reason given was that it was decided that oil companies could keep retail prices around crude oil prices. It will also help in reducing the losses. Although the prices decreased for a few days.


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