September 2024 will see important changes which will impact personal finance and affect everything from Aadhaar updates to credit card rules
As we enter September 2024, The following are some of the big changes are set to impact personal finance, affecting everything from LPG cylinder prices to credit card regulations. Below is the list of major changes that are planned to be implemented starting from September 1, 2024.
1. Free Aadhaar Update Extension
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The free Aadhaar document updating time has been extended by UIDAI until September 14, 2024. Aadhaar holders now have additional time to make sure their demographic information is accurate and up to date. The process involves uploading valid proof of identity and address documents through the UIDAI portal. Keeping Aadhaar details updated is important, as it’s linked to various essential services including government schemes, mobile numbers, and banking.
2. LPG Cylinder Price
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In September, consumers should prepare for possible changes to the cost of LPG cylinders. Commercial customers are especially advised to be informed about price changes since they could have a substantial impact on business operations that depend on the use of bulk fuel, even though domestic LPG prices are subject to change. Price changes could have an impact on household budgets, particularly for families that depend heavily on LPG for cooking.
3. RuPay Credit Card and UPI Transaction Regulation
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The NPCI has directed the banks, through a circular, to ensure that the features, rewards points, and benefits available for RuPay credit cards on UPI transactions are at least equivalent to those available for regular card transactions. This law, which will take effect on September 1st, 2024, the rule appears to regulate the remunerations and incentives by making them equal regardless of the type of transaction in question.
4. New Credit Card Regulations
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Cardholders who pay for utilities like electricity or water may receive less rewards, HDFC Bank will cap reward points on utility transactions. Furthermore, IDFC First Bank is revising its payment schedules, which may have an effect on cardholders' payment processing dates and methods. It's essential for credit card users to review these changes to avoid losing out on rewards or facing unexpected fees.
5. Crackdown on Fraudulent Calls
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With telemarketing services expected to progressively transition to a blockchain-based system by September 30, the Telecom Regulatory Authority of India (TRAI) is introducing new measures to curb the rising number of fraudulent calls and spam messages. This will improve security and decrease unsolicited calls and messages.
