Major Rule Changes from November 1: November 1st will be the date when a series of important changes regarding finances and service offerings become effective, impacting your day-to-day life. Here is the entire summary that includes all such changes, which make for important reading-from gas price changes to Aadhaar updates, banking regulations, etc.
From November 1st, the gas prices would undergo a normal revision. LPG, CNG, and PNG prices will rise and fall in correspondence to international market trends and government reviews. Commercial gas cylinder prices have been hot and cold amid household budgets in recent months. Plan your gas payments on advance to manage expenses accordingly.
The Unique Identification Authority of India has made much headway towards making the Aadhaar update process easier. You can change your name, address, date of birth, or mobile number through an online platform, leaving behind the need to go to a center. Only biometric updates (fingerprints or iris) would still need to be verified in person. UIDAI will cross-check these details on its own with repositories like PAN, passport, and ration card maintained by the government, thus enabling a faster and stronger customer process.
From November 1st, the new charges would also apply to SBI credit cards and popular digital payment apps like CRED, Mobikwik, and CheQ.
3.75% charge for unsecured credit card payments
1% fee on third-party school or college payments
1% charge for wallets loads above ₹1,000
₹200 charge for card-to-cheque payments
These changes are sufficient for the importance of using the appropriate payment method to avoid extra costs.
The new transparency rule has been introduced by the Securities and Exchange Board of India (SEBI). Whenever transactions exceed ₹15 lakh involving AMC employees or relatives, these transactions now need to be reported to the respective compliance officer of the company. This will build more confidence among investors and regulate the industry better.
Banks have launched a facility in which a customer can register as many as four nominees with respect to accounts, lockers, and safe custody. Individual nominees will receive a share in percentage. In case the first nominee dies, the share automatically transfers to the second nominee. This is a change towards increased security, clear inheritance lines, and consumer protection.
Also Read: Using AI Browsers Could Empty Your Bank Account, Experts Warn
November 1st has a lot of significant rule changes that would come into effect, from Aadhaar updates to banking and payment shifts. Knowing about these new rules would ultimately help the individual optimize financial decisions and their transactions to avoid last-minute rushes in understanding the implications.
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