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.
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