LPG price-hike, credit card rules: Key financial changes this September
What's the story
As we step into September, several significant developments are set to impact personal finances. These changes span across various sectors including LPG cylinder costs and new credit card regulations. Staying informed about these shifts can help individuals manage their budget more effectively and avoid unexpected financial challenges. Here's a look at the top five changes you should be aware of this month.
Aadhaar extension
UIDAI extends deadline for free Aadhaar updates
The Unique Identification Authority of India (UIDAI) has extended the deadline for free Aadhaar updates until September 14, 2024. This extension provides Aadhaar holders with additional time to check whether their demographic details are accurate and current. Updating Aadhaar is crucial as it is linked to essential services like banking, mobile connectivity, and government programs. The process involves submitting valid identity and address proof documents online via the UIDAI portal.
LPG increase
Commercial LPG cylinder prices see a hike in Delhi
Oil marketing companies have revised the prices of commercial LPG gas cylinders. The rate for 19kg commercial LPG gas cylinders is up ₹39 in Delhi, effective from September 1. It is now priced at ₹1,691.50. This change could potentially impact businesses that rely on these cylinders for their operations, leading to adjustments in their operational costs and pricing strategies.
Fuel adjustments
Changes in ATF and CNG-PNG rates
Starting September 1, 2024, revisions to the prices of aviation turbine fuel (ATF) and CNG-PNG are expected. These changes may affect transportation costs, particularly in air travel. They might also lead to a ripple effect on the prices of goods and services due to increased logistics expenses. Households that use CNG-PNG for their vehicles or as a domestic energy source are advised to monitor these price shifts closely.
Telecom security
TRAI implements new measures against fraudulent calls
To combat the growing problem of fraudulent calls and spams, the Telecom Regulatory Authority of India (TRAI) is implementing several new measures from September 1. A key change includes the transition of telemarketing services to a blockchain-based system by September 30. This move aims to enhance security and reduce the volume of unsolicited calls and text messages. It's part of a broader effort to protect consumers from telecom-related cybercrimes.
Card changes
Changes to credit card regulations
September will bring updates to credit card policies, primarily concerning reward points and payment schedules. HDFC Bank is introducing a cap on reward points for utility payments, meaning cardholders might earn lesser points on transactions such as paying for electricity or water. Simultaneously, IDFC First Bank is changing its payment schedules, potentially affecting how and when payments are processed. Credit card users should review these changes carefully to avoid missing out on rewards or incurring unexpected fees.