Each month brings changes to various rules, and several will change after Diwali on November 1st.
LPG gas cylinder prices have risen, and many regulations are being updated, affecting banking, advance train ticket bookings, credit card policies, petrol and diesel prices, and electricity bill payments.
It’s essential for people to stay informed about these changes, as even a small mistake can be costly.
These updates will have a direct impact on everyone. Let’s take a look at the rules that are changing.
1. LPG gas cylinder became expensive
As with every month, the price of LPG gas cylinders has changed this month.
Oil marketing companies have raised the price of commercial gas cylinders by up to Rs 62, impacting small business owners. However, there has been no increase in the price of domestic gas cylinders.
2. Two big changes in the UPI Lite platform
Starting November 1, 2024, two significant changes will be introduced to the UPI Lite platform.
These updates will allow UPI Lite users to make more payments, as the RBI has raised the transaction limit.
Additionally, when your UPI Lite balance drops below a certain level, the new auto top-up feature will automatically add funds to your account, eliminating the need for manual top-ups.
This will enable continuous payments using UPI Lite without interruptions.
3. New rules for money transfer
The RBI announced that new rules for domestic money transfers will take effect on November 1, 2024, to help prevent the misuse of banking channels for fraud.
In its circular, the RBI noted that banking outlets have significantly increased and that meeting KYC requirements has become easier.
Users now have many digital options for transferring money. Recently, various convenient services within the existing framework were reviewed.
4. Changes in credit card rules
SBI Card, a subsidiary of the State Bank of India, the largest public sector bank in the country, has implemented significant changes starting November 1.
These changes involve rules regarding utility bill payments and finance charges on credit cards.
Beginning November 1, a finance charge of Rs 3.75 will apply each month on unsecured SBI credit cards.
Additionally, an extra fee of 1% will be charged on payments exceeding Rs 50,000 for electricity, water, LPG gas, and other utility services.
5. Changes in train tickets
The rules for booking train tickets have changed as of November 1. Tickets can now be booked only 60 days in advance, reduced from the previous limit of 120 days.
Indian Railways has implemented these changes to simplify the ticket booking process for passengers.
