Modi government faced a lot of backlash due to its sudden and impulsive decisions of demonetisation and GST. These changes mainly affected the middle class and lower-middle-class people which caused chaos in the daily life of the general public.
Recently during the time Gujarat elections, the GST rates of certain items were slashed. Modi government was accused of doing that to soothe the voting community. Well, now Modi government gave another good news to the people of the country.
From April 1st, there are some effects made on banking, railway and insurance sector. let’s first talk about railway sector, with effect from 1st April 2018 there will be a reduction in the prices of rail tickets as the government has reduced tax over the booking of the tickets which was announced in the current year budget sessions. But wait, this reduction in service tax is only for the tickets booked online.
Next is about insurance, The Indian Insurance and Regulatory Development Authority (IRDAI) has decided to reduce the rate of third party motor insurance premiums. The authority reduced the rates from 25% to 10%. It is being heard that the post office payments will also start in this fiscal year which is going to be beneficial for all the people who live in rural areas. This post office service will include facilities like demand drafts also.
And the last sector is Banking, SBI has recently announced the reduction in the charges of non-availability of average minimum balance which will be in effect from 1st April 2018. The charges in urban areas have reduced from Rs. 50 to Rs. 15 per month excluding GST. These charges have reduced from Rs. 40 to Rs. 12 in semi-urban areas and in rural areas, the charges have reduced from Rs. 40 to Rs.10 per month excluding GST.
Well, what do you think of these changes made by the Modi government? Do let us know in the comment section below.
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