NewDelhi: As the new year begins, significant changes in regulations and prices are set to impact consumers across various sectors in India. Effective January 1, 2024, these changes will have a direct effect on your finances and lifestyle.
Changes in Financial Regulations
The Reserve Bank of India has implemented new rules regarding fixed deposits (FDs) associated with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). These adjustments include updated guidelines for accepting deposits, the percentage of liquid assets that must be maintained, and new regulations concerning deposit insurance. These changes aim to enhance the safety and reliability of financial investments for consumers.
Car Price Increases
Several major automobile manufacturers have announced price hikes on their vehicles. Companies such as Maruti Suzuki, Hyundai, Mahindra, Mercedes-Benz, BMW, and Audi are raising prices by approximately 3%. This increase is attributed to rising raw material costs and aims to offset these expenses while maintaining profitability. Consumers looking to purchase a new car should be prepared for these increased costs.
LPG Prices Remain Steady
In the realm of essential commodities, oil companies review LPG prices on the first day of each month. While there has been a recent increase in the price of 19 kg commercial gas cylinders, the cost of the 14.2 kg domestic cylinder remains unchanged at ₹803. This stability in domestic LPG prices comes as a relief to households amid rising costs elsewhere.
Amazon Prime Membership Changes
Amazon India has revised its Prime membership rules starting January 1, 2025. Users will now be limited to streaming Prime Video on only two TVs per account, down from five. To access more televisions, an additional subscription will be required. This adjustment may affect how families share their streaming services.
GST Portal Updates
The Goods and Services Tax (GST) portal will undergo important updates that include changes to e-way bill deadlines and enhanced security measures. These modifications could create challenges for buyers, sellers, and transporters as they adapt to the new system.
Simplified EPFO Pension Rules
The Employees’ Provident Fund Organisation (EPFO) has made it easier for employees to access their pension funds starting January 1. Employees can now withdraw their pension amounts from any bank without needing additional verification, streamlining the process for retirees.
Fixed Deposit Withdrawal Rules
Changes are also being implemented regarding fixed deposits. From January 1, rules governing early withdrawal from FDs will be modified, particularly concerning NBFCs and HFCs. Investors should familiarize themselves with these new regulations to avoid unexpected penalties or restrictions.These regulatory changes signify a fresh start for 2024 but also come with increased financial responsibilities for consumers. It is advisable to stay informed about these developments to manage personal finances effectively in the coming year.
Comments are closed.