Major Rule Changes in India from 1st October 2024, What You Need to Know

From the 1st of October 2024, several important rules have come into effect that impact various aspects of daily life, from gas cylinder prices to credit cards and government savings schemes. These changes can affect your finances, so it's essential to stay informed. Let's dive into the major updates.

Commercial Gas Cylinder Price Hike
Starting from 1st October 2024, commercial gas cylinder prices have increased. The price of a 19 kg commercial gas cylinder has been raised by ₹48. This price hike means that in Delhi, the rate of a commercial gas cylinder has gone up from ₹1691.50 to ₹1740. Oil companies have released the new rates on the 1st of October. For businesses that rely on commercial LPG cylinders, this increase may affect operating costs, and it's crucial to factor this in when budgeting for the coming months.

Sukanya Samriddhi Yojana: Rule Changes
If you have a Sukanya Samriddhi Yojana account for your daughter, there are some important changes you need to know. Starting from 1st October 2024, only the legal guardians of the child can operate her Sukanya Samriddhi account. According to the new rules, if a person who is not the legal guardian of a girl child has opened an account, they must transfer the account's management to the girl's legal guardian or parents. This change ensures better control and legal compliance regarding the management of the Sukanya Samriddhi Yojana accounts.

PPF Accounts: New Management Rules
Changes have also been made to the management of Public Provident Fund (PPF) accounts. Effective from 1st October 2024, it has become easier to manage PPF accounts, especially for minors. The new rules state that until a minor turns 18 years old, the interest rate applicable will be the same as that of Post Office Savings Accounts (POSA). Additionally, individuals who have multiple PPF accounts will continue to earn interest based on the scheme's rate in their primary account. This change simplifies the process for parents managing accounts on behalf of their children and ensures that the PPF scheme continues to offer the best rates for long-term savings.

Credit Card Rules Revised
Several new rules related to credit cards have also come into effect from 1st October 2024. Notably, HDFC Bank has introduced some significant changes to its credit card policies. For HDFC cardholders, the new rules limit the number of times they can redeem reward points for Apple products through the SmartBuy platform. From now on, cardholders will be able to redeem reward points for Apple products only once a month. If you're an HDFC credit card user, be mindful of this limitation when planning large purchases using your accumulated rewards.

Insurance Policy Rules: Better Refunds for Policyholders
The insurance sector has also witnessed crucial changes starting 1st October 2024. Under the new guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), those who choose to surrender their insurance policies will receive a higher refund. This update increases the special surrender value, benefiting individuals who wish to exit their insurance policies before maturity. The new rules aim to offer better value to policyholders who may want to reallocate their funds or switch to a different policy.

PAN-Aadhaar Rules Updated
As of 1st October 2024, PAN and Aadhaar-related rules have also been updated. Going forward, individuals applying for PAN or filing income tax returns will no longer be able to use their Aadhaar Enrollment ID in the application forms. This move is aimed at reducing duplication and ensuring the integrity of the PAN allotment process. If you haven't yet linked your PAN with your Aadhaar or have been relying on your Aadhaar Enrollment ID, this change is significant and could affect your future financial and tax-related activities.

Impact of These Changes
The rule changes taking effect from 1st October 2024 will have wide-ranging impacts across various sectors. Here's how:

Gas Cylinder Price Hike: The increase in commercial gas cylinder prices will primarily affect businesses in sectors like hospitality, restaurants, and catering, where large quantities of gas are used daily.
Sukanya Samriddhi Yojana: Families who have taken out accounts for their daughters must ensure they comply with the new legal guardian requirement. Failure to do so may cause administrative delays or complications.
PPF Rules: Individuals who manage PPF accounts for their children will benefit from simplified interest application rules and easier account management until their child reaches adulthood.
Credit Card Changes: HDFC credit card users will need to adjust their reward redemption plans, especially if they regularly use points to purchase high-value items like Apple products.
Insurance Refunds: Individuals looking to surrender their insurance policies will benefit from higher refunds, making it more appealing to switch policies or free up funds.
PAN-Aadhaar Rules: The elimination of Aadhaar Enrollment ID from PAN applications and tax return forms will tighten the process, so make sure your documents are fully updated.