New Delhi: As November approaches, several significant changes in laws and regulations are set to take effect across the country, which will directly impact the general public. Changes in train ticket booking and new regulations regarding credit cards are among the updates to be implemented. Here’s a summary of the changes coming into effect on November 1st:
1. New TRAI Regulations to Combat Spam Calls and Messages
Starting November 1st, a major shift in the telecom sector will take place. The government has instructed telecom companies like Jio and Airtel to implement message tracking to reduce spam. Under these new regulations, telecom companies must identify and block suspicious or fake numbers, thereby preventing spam messages from reaching users and enhancing their security.
2. Advance Train Ticket Booking Limited to 60 Days
From November 1st, the rules for train ticket bookings will change. Passengers will now be able to book tickets only 60 days in advance instead of the previous 120 days. This modification aims to simplify the ticket booking process for travelers.
3. Banks Closed for 13 Days in November
Due to festivals and public holidays, banks will be closed for 13 days in November. According to the Reserve Bank of India’s (RBI) official website, various state-specific holidays will affect banking operations. However, customers can still utilize online banking services 24/7 during this period for their transactions and essential banking needs.
4. Changes in RBI Money Transfer Regulations
The Reserve Bank of India (RBI) will enforce new rules for domestic money transfers (DMT) starting November 1, 2024. The RBI has noted improvements in the availability of banking outlets and payment systems, along with eased KYC requirements, giving consumers various digital options for money transfers.
5. Potential Changes in LPG, CNG, and PNG Prices
As is customary at the beginning of each month, oil companies may revise prices for LPG cylinders. Changes are expected for the 14 kg domestic gas cylinder price on November 1st. While domestic prices have remained stable recently, commercial cylinder prices have risen. Additionally, price adjustments for aviation turbine fuel (ATF), CNG, and PNG may occur.
6. Strict Regulations for Mutual Funds
The Securities and Exchange Board of India (SEBI) is set to enforce stricter regulations for mutual funds from November 1st. Asset Management Companies (AMCs) must notify compliance officers of any transactions exceeding ₹1.5 million made by their designated individuals or relatives. This measure aims to increase transparency in mutual funds and prevent insider trading.
7. New Rules for SBI Credit Card Users
State Bank of India’s credit card division will introduce new rules effective November 1st. For unsecured SBI credit cards, a monthly finance charge of 3.75% will apply. Furthermore, payments exceeding ₹50,000 for utilities like electricity and gas will incur a 1% charge.
These updates will affect various aspects of daily life, so individuals need to stay informed about the new rules and regulations.
