Rule Change From 1 Oct: 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 happen on the first date of every month.
Rule Change From 1 Oct: 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 happen on the first date of every month. In such a situation, many rules are also changing from 1 October 2024. These include changes in rules ranging from LPG prices to small savings schemes, stock market, credit cards and credit card rules. Some of these changes can have a direct impact on your pocket. Let’s know in detail…
1. Change in LPG prices- On the first date of every month, oil marketing companies change the prices of LPG cylinders. LPG cylinder prices can be updated on 1 October. Let us tell you that for some time now, changes are being seen in the prices of commercial gas cylinders.
2. Change in the rules of Sukanya Samriddhi Yojana- A big change is going to happen from October 1, 2024. Under the new rules, now the 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. Change in HDFC Bank Credit Card Rules- The rules are also changing for HDFC Bank credit card holders 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 the redemption of reward points for Tanishq vouchers. At the same time, the redemption of reward points for Apple products on the SmartBuy platform has been limited to a single product in every calendar quarter.
4. Change in bonus share rules- Market regulator SEBI recently issued a new guideline to expedite the process of bonus shares coming into the account and its trading. Under this, investors can trade in bonus shares within two days after the record date. This arrangement will come into effect from October 1. Trading in bonus shares will now be possible only within 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 trade. 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 ₹35.03 per lakh premium value.
6. Changes in health and general insurance rules- The new health insurance rules of the Insurance Regulatory and Development Authority (IRDAI) came into effect from April 1, 2024 for the convenience of policyholders this year. Earlier, insurance companies were given time till September 30 to implement the new rules. That is, now under the new rule, insurance companies will have to approve it within one hour on receiving a request for cashless claim. After being discharged from the hospital, the final authorization will also have to be approved within three hours.
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7. Buyback tax rules – To rationalize the tax deduction (TDS) rates at zero source, Finance Minister Nirmala Sitharaman had proposed in Budget 2024-25 to withdraw the 20 percent 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 sector ‘A’ for workers engaged in unskilled work like construction, cleaning, loading and unloading of goods will be Rs 783 per day (Rs 20,358 per month). The minimum wage rate for semi-skilled workers will be Rs 868 per day (Rs 22,568 per month) and for skilled, clerical and unarmed watchman or guard it will be Rs 954 per day (Rs 24,804 per month). The minimum wage rate for highly skilled and those working as watchmen or guards with weapons will be Rs 1,035 per day (Rs 26,910 per month). The new wage rates will be effective from October 1, 2024. The last amendment 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.
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