The month of September is just about to end and then the month of October will begin. Let us tell you that many financial changes take place on the first day of every month. In such a situation, many rules are changing from October 1, 2024. These include changes in rules ranging from LPG prices, small savings schemes, stock market, credit cards and credit card rules. Some of these changes may have a direct impact on your pocket. Let us know in details…
1. Change in LPG prices- On the first of every month, oil marketing companies change the prices of LPG cylinders. LPG cylinder prices can be updated on October 1. Let us tell you that for some time now, changes have been seen in the prices of commercial gas cylinders.
2. Changes in the rules of Sukanya Samriddhi Yojana- A big change is going to happen from October 1, 2024. Under the new rules, accounts which were not opened by legal parents or natural parents will now have to undergo mandatory transfer of guardianship to comply with the basic guidelines of the scheme.
3. Changes in HDFC Bank Credit Card Rules- The rules are also changing for credit card holders of HDFC Bank from October 1. Let us tell you that from October 1, there is going to be a big change in the loyalty program of HDFC Bank and its credit cards. The bank has limited the rewards available on its and Infinia Metal cards. Redemption of Apple products and Tanishq vouchers through HDFC SmartBuy will be affected. HDFC Bank has imposed a limit of 50,000 points per calendar quarter on redemption of reward points for Tanishq vouchers. At the same time, redemption of reward points for Apple products has been limited to a single product in every calendar quarter on the SmartBuy platform.
4. Change in the rules of bonus share- Market regulator SEBI recently issued new guidelines to speed up the process of joining and trading in bonus share account. Under this, investors can trade in bonus shares within two days after the record date. This system will come into effect from October 1. Trading in bonus shares will now be possible only two working days (T+2) after the record date. This will increase market efficiency and reduce delays.
5. Change in transaction fees of NSE and BSE- BSE and NSE have announced to revise their transaction fees from October 1. This change has been made in the transaction fees charged for cash and futures and options trades. From October 1, a charge of Rs 2.97 per lakh will be levied on trade value on both sides in the cash segment on NSE. In equity futures, the rate will be ₹1.73 per lakh, while equity options will charge a premium price of ₹35.03 per lakh.
6. Changes in the rules of health and general insurance- This year, for the convenience of policyholders, new health insurance rules of the Insurance Regulatory and Development Authority (IRDAI) came into effect from April 1, 2024. Earlier, insurance companies were given time till September 30 to implement the new rules. This means that under the new rule, on receiving a request for a cashless claim, the insurance companies will have to approve it within an hour. After discharge from the hospital, the final authorization will also have to be approved within three hours.
7. Buyback Tax Rules – To rationalize tax deducted at source (TDS) rates, Finance Minister Nirmala Sitharaman had proposed in Budget 2024-25 to withdraw the 20 per cent TDS rate on buyback of units by mutual funds or Unit Trust of India (UTI). . This amendment will also come into effect from October 1.
8. Minimum wage rate will increase – The central government has announced to increase the minimum wage rate to Rs 1,035 per day by amending the variable dearness allowance for workers from October 1. After the amendment, the minimum wage rate in Zone ‘A’ for workers engaged in unskilled work like construction, cleaning, loading and unloading will be Rs 783 per day (Rs 20,358 per month). The minimum wage rate will be Rs 868 per day (Rs 22,568 per month) for semi-skilled workers and Rs 954 per day (Rs 24,804 per month) for skilled, clerical and unarmed watchmen or guards. The minimum pay rate for highly skilled and armed watchmen or guards will be Rs 1,035 per day (Rs 26,910 per month). The new pay rates will be effective from October 1, 2024. The last revision was made in April, 2024.
9. Changes in ATF and CNG-PNG- Let us tell you that on the first of the month, oil companies also change the prices of Air Turbine Fuel (ATF) and CNG-PNG. In such a situation, new revised prices may be released on October 1. Let us tell you that earlier in September, ATF prices were reduced.
