ATM fees, vehicle taxes set to rise from today
Starting Thursday, ATM transaction fees will rise to Rs.23 for withdrawals beyond the free limit, while commercial vehicles under Rs.10 lakh will incur a 5% lifetime tax, making both ATM usage and vehicle ownership more expensive.
As per the
Reserve Bank of India
's (RBI) directive, the fee for each additional withdrawal from ATMs will go up from Rs.21 to Rs.23. This move follows a request from ATM-operating companies, who cited higher operational and technical maintenance costs. The RBI approved the fee revision, which takes effect from May 1.
Customers in metro cities will continue to have up to three free ATM withdrawals per month, while those in non-metro and rural areas can avail up to five. Once these limits are crossed, the Rs.23 charge will apply per transaction. The increase is expected to impact frequent cash users and those without easy access to digital banking tools, especially in rural regions where cash remains the primary mode of transaction.
Taxi & small goods vehicle taxes
In a separate development, the Karnataka government has revised its motor vehicle tax structure, which will significantly affect commercial vehicle owners. A 5% lifetime tax will be levied on commercial vehicles priced below Rs.10 lakh from Thursday too. This replaces the earlier system, where owners paid a quarterly tax of Rs.400 per seat.
Electric commercial vehicles haven't been spared either. Those valued above Rs.25 lakh will now be subject to a 10% lifetime tax. This marks a shift in the state's taxation strategy, which was earlier seen as more favourable to EV adoption.
The revised tax structure, approved through an amendment to the Karnataka Motor Vehicle Taxation Act and cleared by the Governor, aims to streamline vehicle tax policies. However, industry observers and vehicle owners have expressed concerns about the added financial burden, particularly for small business operators and taxi drivers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
19 minutes ago
- News18
Influx Healthtech IPO Allotment: A Step-By-Step Guide To Check Status Online Today, Know Latest GMP
Last Updated: According to market observers, the GMP of the Influx Healthtech IPO is 22.92%, indicating decent listing gains for investors. Influx Healthtech IPO Allotment: The initial public offering of Influx Healthtech has received a whopping 201.35 times subscription, indicating huge interest from investors. Investors are now eagerly awaiting its allotment even its latest GMP shows a strong 22.92% listing gains. The allotment of the Influx Healthtech IPO is expected to be finalised today, Monday, June 23, in the evening. Once the IPO allotment is finalised, investors will start receiving bank debit messages, most probably in the evening. They can also check their allotment status on the websites of the NSE as well as registrar Maashitla Securities Private Limited. The allotment is expected to be finalised in the evening today, Friday, June 20. The allotment status can be checked by following these steps: Step 1: Visit Maashitla Securities' portal — Step 2: Under 'Select Company', choose 'Influx Healthtech Ltd'. Importantly, if the company's name is not visible in the drop-down list, it means the allotment has not been finalised yet. According to market observers, the GMP of the Influx Healthtech IPO is 22.92%, indicating decent listing gains for investors. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Influx Healthtech IPO Listing Date The shares of Influx Healthtech Ltd will be listed on the NSE Emerge on June 25. The Influx Healthtech IPO was open for subscription between June 18 and June 20. It is a book-built issue worth Rs 58.57 crore, comprising a fresh issue of 50 lakh equity shares worth Rs 48 crore and an offer for sale of 11 lakh shares aggregating to Rs 10.56 crore. On the final day of bidding on Friday, the SME IPO received an overwhelming 201.35 times subscription, garnering bids for 81,71,71,200 shares as against 40,58,400 shares on offer. The retail and NII participation stood at 117.68 times and 481.10 times, respectively. Its qualified institutional buyer (QIB) category got a 137.87 times subscription. The price of the Influx Healthtech IPO was fixed at Rs 96 apiece. Influx Healthtech Ltd's revenue increased 5% and its profit after tax (PAT) rose 19% between the financial year ending with March 31, 2025, and March 31, 2024. Rarever Financial Advisors Pvt Ltd is the book-running lead manager of the Influx Healthtech IPO, while Maashitla Securities Private Limited is the registrar for the issue. The market maker for Influx Healthtech IPO is R K Stock Holding Private Limited. Influx Healthtech Ltd, founded in September 2020, is a healthcare-focused CDMO with three manufacturing units in Thane, producing tablets, capsules, powders, liquid orals, and softgels.
India.com
22 minutes ago
- India.com
Good news for Anil Ambani, another company settles Rs 2730000000 loan of…, with…
Anil Ambani was already in the news for settling down the debt of his many companies. Now once again it has settled the debt with another company. In a recent exchange filing it stated that it has fully settled a Rs 273-crore loan, including interest, owed by its wholly owned subsidiary JR Toll Road Pvt Ltd (JRTR) to Yes Bank Ltd. It stated, '' A wholly owned subsidiary of the Company (along with the Company as Corporate Guarantor), has entered into an addendum to the Settlement Agreement today with Yes Bank Limited (YBL) for the entire outstanding debt obligation of ~INR 273 crore (including interest) owed by JRTR to YBL, and has duly paid the entire settlement amount.'' Anil Ambani Company Debt Reduction Debt reduction has become a primary focus for Anil Ambani. Reliance Infrastructure: Paid off Rs 3,300 crore of debt in FY 2025, becoming debt-free. Rosa Power Supply Company: Cleared Rs 485 crore of debt, achieving debt-free status. Reliance Power: Settled a loan of Rs 3,872 crore earlier. JR Toll Road Pvt Ltd, a special purpose vehicle established by Reliance Infrastructure, is responsible for the development, operation, and maintenance of a 52-kilometer segment of National Highway 11, connecting Jaipur and Reengus in Rajasthan. The project was executed under the Design-Build-Finance-Operate-Transfer (DBFOT) model, featuring a highway expansion from four to six lanes. Operations commenced in 2013, coinciding with the start of toll collection.
Hindustan Times
23 minutes ago
- Hindustan Times
Watch with Kannada numerals and Karnataka's iconic crest goes viral: 'Decolonize your mind'
BJP MP Tejasvi Surya criticizes Karnataka's Rs 18,000 crore tunnel road project, calling it unscientific and financially unsound. He questions the project's feasibility, high toll costs, and potential public fund drain, challenging the government's transportation strategy.
