Like every month, September brings several regulatory changes that will impact everyone, from ordinary citizens to specific groups. These changes include updates to LPG cylinder prices, deadlines for free Aadhaar updates, and new credit card rules. Let’s take a look at what changes are coming in September and how they might affect your finances:
LPG Cylinder Prices
The government typically revises LPG prices on the 1st of each month, affecting both domestic and commercial gas cylinders. Consumers should be prepared for potential changes in LPG prices in September. Last month, the price of commercial LPG cylinders increased by ₹8.50, following a ₹30 reduction in July.
Changes in ATF, CNG, and PNG Prices
Petroleum marketing companies adjust the prices of Aviation Turbine Fuel (ATF), as well as CNG and PNG, on the first day of each month. Changes in these prices on September 1, 2024, could impact transportation costs, especially air travel, and could lead to increased prices of goods and services due to higher logistics costs.
Crackdown on Fraudulent Calls
Starting September 1, 2024, the Telecom Regulatory Authority of India (TRAI) will implement changes to telecom regulations to curb cybercriminal activities related to fraudulent calls and SMS scams. TRAI has issued guidelines to telecom companies like Reliance Jio, Bharti Airtel, Vodafone Idea, and BSNL, instructing them to shift telemarketing calls and business messaging, specifically those beginning with the 140 mobile number series, to a blockchain-based distributed ledger technology platform by September 30, 2024. This move is expected to enhance security and reduce unwanted calls and messages, providing consumers with better protection against telecom fraud.
New Credit Card Rules
From September 1, 2024, new credit card rules will take effect. HDFC Bank, a private sector bank, plans to limit reward points for utility transactions to 2,000 points per month. Additionally, HDFC Bank will no longer offer rewards for educational payments made through third-party apps. Another private sector bank, IDFC First Bank, will lower the minimum payment due on credit cards and reduce the payment period from 18 days to 15 days.
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New UPI and RuPay Card Rules
According to new rules by the National Payments Corporation of India (NPCI), effective from September 1, 2024, transaction fees for RuPay Credit Cards and UPI transactions will no longer be deducted from your RuPay Reward Points. Banks have been notified to implement this rule, ensuring that your reward points can be fully utilized and reducing expenses on transaction fees.
Removal of Certain Apps from Google Play Store
Google’s new Play Store policy, effective from September 1, 2024, will lead to the removal of thousands of low-quality apps from the Play Store. Google believes these apps could be potential sources of malware and has directed their removal as part of its quality control measures. This decision, aimed at enhancing user security and privacy, may affect Android smartphone users globally.
Bank Account Details Required for GST Returns
From September 1, 2024, it will be mandatory to provide bank account details for filing GST returns. Under GST Rule 10A, taxpayers must update their bank account details on the GST portal within a month of receiving their registration number, or they will be unable to file their GST returns.
Free Aadhaar Update
The Unique Identification Authority of India (UIDAI) has extended the deadline for free Aadhaar Card updates to September 14, 2024. If your Aadhaar Card is over 10 years old, you can update it online for free until this date. After September 14, a service charge of ₹50 will apply for updates. Note that this free update service is only available online.
Potential Increase in DA
Government employees could see significant benefits in September as the central government is expected to announce a 3% increase in the Dearness Allowance (DA) at the beginning of the month. This increase would raise the DA from its current level of 50% to 53%.
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