5 Key Financial Changes in September 2024 You Need to Know

As September 2024 kicks off, a series of significant changes are set to influence your personal finances. From LPG price hikes to new credit card policies, staying informed about these updates is essential to effectively managing your budget and avoiding financial surprises. Here’s a breakdown of the top five changes you should be aware of this month:

1. Extended Deadline for Aadhaar Updates The Unique Identification Authority of India (UIDAI) has extended the deadline for free Aadhaar updates until September 14, 2024. This gives Aadhaar holders additional time to ensure their demographic information is accurate and up-to-date. Keeping your Aadhaar details current is crucial, as it’s linked to essential services like banking, government schemes, and mobile connectivity. The update process involves submitting valid identity and address proof through the UIDAI portal. It’s advisable to complete your updates before the deadline, though it remains unclear if another extension will be granted.
2. Commercial LPG Cylinder Price Increase Oil marketing companies have revised the prices of commercial LPG cylinders, with a Rs 39 hike taking effect in Delhi from September 1. As a result, the retail price of a 19 kg commercial LPG cylinder in Delhi now stands at Rs 1,691.50. This increase could have an impact on your business expenses if you rely on commercial LPG.
3. Revisions to ATF and CNG-PNG Rates Starting September 1, 2024, expect changes in the prices of aviation turbine fuel (ATF) and CNG-PNG. These revisions could lead to higher transportation costs, particularly in air travel, and may cause a ripple effect on the cost of goods and services due to increased logistics expenses. Households that use CNG-PNG for their vehicles or domestic energy needs should keep a close eye on these price adjustments.

1. New Anti-Fraud Measures In an effort to curb the rising problem of fraudulent calls and spam messages, the Telecom Regulatory Authority of India (TRAI) is rolling out new measures starting September 1, 2024. A major initiative includes the gradual shift of telemarketing services to a blockchain-based system by September 30. This change aims to enhance security and significantly reduce the volume of unsolicited calls and messages, protecting consumers from telecom-related scams.
2. Updates to Credit Card Policies This month will see changes to credit card regulations, particularly concerning reward points and payment schedules. HDFC Bank is introducing a cap on reward points for utility bill payments, which means cardholders may earn fewer points on transactions like paying for electricity or water. Additionally, IDFC First Bank is updating its payment schedules, potentially affecting the timing and processing of payments. Credit card users should review these changes carefully to ensure they don't miss out on rewards or face unexpected fees.

These updates highlight the importance of staying informed and adjusting your financial plans accordingly to navigate the changes September 2024 brings.

Also Read: What is Pre-Seed Funding? A Comprehensive Introduction for Startups