Rules Related to Debit-Credit Card will Change from July 1, know details

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Rules Related to Debit-Credit Card will Change from July 1, know details
27 Jun 2022
7 min read

News Synopsis

The rules related to Debit and Credit Card will change from July 1 2022 in the country. These rules will be related to your economic transactions. From July 1, those using credit and debit cards for transactions, investing in cryptocurrencies, and PAN card holders will also come under the ambit of the changes from July 1.

From July 1, 2022, gifts received from businesses will have to be tax deducted at source (TDS) at the rate of 10 percent. This tax will be applicable to Social Media Influencers and Doctors. From July 1, there will be a ban on saving customer card details for payment gateways, merchant merchants, payment aggregators, and banks doing acquisitions. Keeping in view the security of bank customers, the Reserve Bank of India has made a provision for the use of card tokenization in debit card and credit card transactions with effect from July 1, 2022. Under the new section 194S of the IT Act, from July 1, 2022, if transactions for cryptocurrencies exceed Rs 10,000 in a year, then it will be charged at one percent.

At the same time, it is also important to know that if you do not link Aadhaar and PAN by June 30, then you will have to pay double the fine. From July 1, the prices of LPG cylinders in the country can also be changed. On the first of every month, the oil marketing companies take a decision to change the price of LPG cylinder. The price of two wheelers and air conditioners can also be increased.

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