As September 2024 approaches, several key financial changes are set to impact personal finances across India. From updates in Aadhaar services to new credit card regulations, these changes will influence how you manage your finances this month. Here are the top five changes to watch out for:
1. Free Aadhaar Update Extension
The Unique Identification Authority of India (UIDAI) has extended the deadline for free Aadhaar updates until September 14, 2024. This extension allows individuals more time to update their demographic information, such as address and name changes, without any cost. To make these updates, users need to upload valid proof of identity and address documents on the UIDAI portal.
2. LPG Cylinder Price Adjustments
Both domestic and commercial LPG users should be on the lookout for potential price changes in September. These adjustments can significantly impact household budgets and, for businesses relying on bulk LPG usage, can affect overall operational costs. Keeping track of these price fluctuations is crucial for managing expenses efficiently.
3. Revisions in CNG-PNG and Aviation Fuel Prices
Price changes in Compressed Natural Gas (CNG), Piped Natural Gas (PNG), and Aviation Turbine Fuel (ATF) are anticipated this month. These revisions could lead to increased transportation costs, particularly in air travel. The ripple effect of these changes may result in higher prices for goods and services due to increased transport expenses.
4. Crackdown on Fraudulent Calls
The Telecom Regulatory Authority of India (TRAI) is set to implement stricter measures to combat the rise of fraudulent calls and spam messages. By September 30, telemarketing services will begin transitioning to a blockchain-based system, enhancing security and reducing the number of unsolicited calls and messages. This move is expected to provide relief to consumers who have been plagued by such interruptions.
5. New Credit Card Regulations
Significant changes in credit card rules are on the horizon. For instance, HDFC Bank plans to cap reward points on utility bill payments, meaning customers may earn fewer rewards for services like electricity or water bills. Additionally, IDFC First Bank is updating its payment schedules, potentially affecting how and when payments are processed. These changes could influence how cardholders manage their expenses and rewards.
