New Delhi: Key financial changes ranging from credit card charges to FASTag rules will undergo changes from August 1, 2024, affecting your daily costs and financial planning. This means that consumers must plan their expenditures and trips accordingly to maximise returns or avoid extra charges on penalities for multiple banking and financial services.
New footwear standards
The Bureau of Indian Standards (BIS) will implement new standards for shoes and slippers throughout the country from August 1, 2024. The new criteria will govern everything, from raw materials utilised, to the quality of the completed product. As manufacturers adapt to these new restrictions, the cost of shoes and slippers may increase. To be sure, merchants are offering discounts on branded footwear from the beginning of the month to clear out their stock.
Revised Credit Card Charges
HDFC Bank credit card has implemented new regulations from Thursday, August 1, 2024. HDFC Bank credit card users will have to pay an additional 1 per cent charge for rent payments via third-party apps such as Cred, Paytm, MobiKwik, or Freecharge.
A 1 per cent fee will be charged on petrol expenses exceeding Rs 15,000 per month and utility bill payments worth over Rs 50,000 per month. The additional fee is capped at Rs 3,000 per month,
Google Maps to turn cheaper
On the positive side, Google Maps slashed its fee by 70 per cent for Indian customers, benefiting consumers indirectly, since the services are used by app operators such as:
Uber
Rapido
Blinkit
Swiggy
These companies can now also pay the fees in rupees instead of US dollars, which is further expected to reduce the cost of services.
FASTag rules revised
The National Payment Corporation of India (NPCI) has amended the FASTag guidelines as follows:
It is mandatory to update the KYC of your FASTag as almost all FASTags are more than 3 years old.
FASTags older than 5 years must be changed, with the vehicle registration and chassis number connected and linked to the FASTag
Each new car must have its registration number and cellphone number updated within 90 days after purchase.
Starting August 1, 2024, significant updates will affect your budget, from changes in credit card fees to FASTag regulations. Stay informed to manage their impacts on your expenses. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
