Keep track of “these” major financial changes that will affect your budget from September

From change in LPG cylinder prices, and updates in Aadhaar to new credit card rules, these changes could affect a wide range of daily expenses.

Here’s a detailed look at changes and stay informed about the deadlines:

1.     LPG Cylinder Price Adjustments:

One of the most anticipated changes is the revision of LPG cylinder prices. These adjustments affect both commercial and domestic gas cylinders, and they can impact household budgets.

In August, the price of commercial LPG cylinders saw a modest increase of Rs 8.50, following a decrease of Rs 30 in July. Keeping an eye on these adjustments will be crucial for those looking to manage their expenses effectively.

2.     ATF and CNG-PNG Rates

Oil marketing companies are expected to revise the prices of aviation turbine fuel (ATF) and compressed natural gas-piped natural gas (CNG-PNG) from September 1.

For consumers, this means potential changes in transportation and logistics costs, which can indirectly affect the prices of goods and services. Businesses that rely heavily on fuel, such as airlines and public transport providers, are particularly sensitive to these changes.

3.     Stricter Rules on Fraudulent Calls

A significant change coming into effect in September is the crackdown on fraudulent calls and messages. The Telecom Regulatory Authority of India (TRAI) has issued strict guidelines to telecom operators, including major players like Jio, Airtel, Vodafone Idea, and BSNL, to reduce fraudulent activities.

With this, telemarketing calls and commercial messaging will begin transitioning to a blockchain-based Distributed Ledger Technology (DLT) platform. By September 30, this shift is expected to be complete, offering consumers enhanced protection against spam and scam calls.

For the average mobile user, this change could lead to a noticeable reduction in the number of unwanted calls and messages, making daily communication more secure and less intrusive.

4.     Credit Card Rules:

September will also bring new credit card rules, particularly for HDFC Bank and IDFC First Bank customers. These changes could impact how you earn and use reward points, which many cardholders rely on for savings and perks.

This decision comes after a review of existing agreements between card issuers and networks.

HDFC Bank will impose a cap on reward points earned through utility transactions, limiting them to a maximum of 2,000 points per month. This could be a setback for those who regularly use their credit card for utility payments. Additionally, no reward points will be awarded for educational payments made through third-party apps, potentially affecting parents and students.

IDFC First Bank is also set to lower the minimum payment due on credit cards and reduce the payment window from 18 to 15 days. Moreover, customers using RuPay credit cards on UPI and other platforms will enjoy the same reward points as those using other payment service providers.

These changes require cardholders to be more vigilant about their payment schedules and how they use their cards to maximize rewards.

5.     Dearness Allowance (DA) Hike:

Apart from these changes, September could bring good news for central government employees, with speculation of an increase in dearness allowance (DA). The government is expected to announce a 3% hike, which would raise the current 50% DA to 53%.

For government employees, this increment means a higher monthly income, which can help offset the rising cost of living.

6.     Aadhaar Card Updates:

The Unique Identification Authority of India (UIDAI) has extended the free Aadhaar document update until September 14, 2024. After this date, certain updates – address, phone number & other details — will no longer be free, and a fee will be charged. Users should update their address or other details by this deadline to avoid fees.