The month of November is bringing many important changes in the Indian economy. Under the new rules and essential changes, there are going to be extensive changes from LPG prices to banking rules. Let us understand in detail how these changes will affect the lives of the common man.
Change in cooking gas and fuel prices
Under the new rules and essential changes, the most important change will be in the prices of LPG cylinders. Petroleum companies revise domestic and commercial gas cylinder prices on the first of every month. This time, experts believe that the prices of domestic cylinders of 14 kg can be relieved, as the prices are stable in the international market. Talking about commercial gas cylinders, their price has seen a continuous increase for the last three months. Since July, the price of a cylinder has gone up to Rs 94. Apart from this, the prices of ATF, CNG, and PNG are likely to change. A reduction in air fuel prices in particular is expected, which could make air travel cheaper.
New rules and charges in banking and credit cards
Some new rules will be applicable for SBI card users under the change in financial rules from November 1. Additional charges will have to be paid on utility bill payments from November 1. An additional charge of one percent will be levied on payment of electricity, water, and gas bills of more than Rs 50,000. Apart from this, you will also have to pay a finance charge of 3.75 percent per month on an unsecured credit card. This change will particularly affect those who use credit cards regularly. Consumers are, therefore, advised to keep these new charges in mind while planning their expenses.
New rules in mutual funds and new rules to prevent insider trading in mutual funds are being implemented by SEBI. AMCs will now have to report investments above Rs 15 lakh to the compliance officer. This step has been taken to protect the interests of investors. This will provide more protection to small investors investing in mutual funds.
Changes in consumer interest in the telecom sector
There are going to be significant changes in the telecom sector as well. Companies like Jio and Airtel will have to block spam messages and numbers. This rule has been brought in to relieve consumers from unwanted messages and calls. Telecom companies will now scan messages for spam before they are sent and block suspicious numbers.
Detailed Calendar of Bank Holidays Banks will remain closed for 13 days in November due to festivals and assembly elections. These holidays include national and regional festivals. However, digital banking services will continue to be available 24/7. Customers can do their banking activities through net banking, mobile banking, and ATMs. Especially for important transactions, customers are advised to make their plans keeping the bank holidays in mind.
Effects and Precautions on the Common Man
All these changes will have a direct impact on the pockets of the common people. New charges for utility bills and credit cards can add to monthly expenses. However, a possible reduction in LPG prices could provide some relief. Consumers are advised to plan their expenses carefully and make optimum use of digital banking services.
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