Significant Changes Coming into Effect from September 1
As we approach September 1, several important changes are set to take place that could directly or indirectly impact your finances and daily life. Here’s a rundown of the key updates:
1. Crackdown on Fake Calls
The Telecom Regulatory Authority of India (TRAI) is implementing stringent measures to curb fake calls and messages. From September 1, all telecom companies are required to transition commercial calls and messages from the 140 mobile number series to a new blockchain-based platform by September 30. Experts believe that these measures will significantly reduce nuisance calls, offering much-needed relief to consumers.
2. Changes in Credit Card Policies
Two major banks are altering their credit card rules:
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- HDFC Bank: A cap will be placed on reward points for utility transactions. Customers can now earn a maximum of 2,000 points monthly, and payments for education through third-party apps will no longer earn reward points.
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- IDFC First Bank: The bank is lowering the minimum payment amount on credit cards, easing the payment burden for customers. Additionally, the due date for payments will be reduced from 18 days to 15 days.
3. Mandatory Helmet Use for Pillion Riders
From September 1, it will be compulsory for pillion riders on two-wheelers to wear helmets. Although this rule has existed, enforcement has been lax in many areas. Failure to comply will result in a fine of ₹1,035 and can lead to the suspension of the rider’s license.
4. Increase in Dearness Allowance for Government Employees
Government employees may see an increase in their dearness allowance (DA) by 3% in September. Currently set at 50%, this increase could raise the DA to 53%, providing additional financial support to employees amid rising costs.
5. Stricter SME Listing Rules
The National Stock Exchange is tightening regulations for small and medium enterprises (SMEs). Only companies with positive free cash flow for at least two out of the three years prior to applying will be eligible for listing in the SME category, ensuring a more robust financial landscape.
6. Valid Bank Account Required for GST Returns
Starting September 1, it will be mandatory to provide valid bank account details for filing GSTR-1 under GST Rule 10A. Taxpayers must update their bank account information on the GST portal within 30 days of registration; failing to do so will prevent the filing of GST returns.
7. Changes to Google Play Store Policies
Significant changes will also be seen on the Google Play Store, effective September 1. The platform will no longer permit the upload of APKs for any app to third-party app stores, a measure aimed at combating fraud, particularly related to cryptocurrency applications.
These upcoming changes promise to reshape various aspects of daily life and financial transactions. Stay informed to navigate these adjustments effectively!
