Cheque will bounce if you do not follow this new rule from August
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The Reserve Bank of India (RBI) came out with a new set of rules at the beginning of August regarding changes to the banking rules. One such change affects people who depend on cheques, specifically their cheque books. With the new change, the central bank has put it forth that the National Automated Clearing House (NACH) will be operational 24 hours a day. This change will be implemented in all national and private banks. With that said, the new change will benefit the cheque user more as issued cheques can be cleared even on a holiday.
For those in the habit of clearing their cheques on a working day, will need to adjust their operations because, with the new rule change, cheques can be cleared on a Sunday too.
This does have the added advantage of being a less time-consuming process. With that in mind, you will need to keep a minimum balance in your bank account at all times because with the faster clearance time comes a caveat. If you process the cheque faster there is also a chance that it may bounce and in such an event, you will have to pay a fine or penalty. Earlier customers did not have to worry about a cheque clearing on a weekend, but with the new changes, it’s a major shift in how we conduct our banking.
Along the same lines, keeping in mind that NACH will be operational all hours of the day, including holidays, it opens up a wider venue in terms of facilities. NACH is essentially a bulk payment system that is operated by the National Payments Corporation of India (NCPI). It, therefore, facilitates various types of transactions such as salaries, pensions, interest, dividends and so on. Additionally, it also acts as a facility through which the average citizen can pay their various bills such as those for water, electricity, gas, phone bills, loan EMI, mutual fund investments, insurance premiums and so on. The new rules mean that citizens no longer have to wait for the holiday to finish to pay these bills and can do so whenever they choose or at the earliest possible convenience.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
