Starting 1 November, several significant changes in financial services, utilities, and the stock market come into effect, impacting mutual funds, SBI credit card holders, and commercial gas prices. These developments aim to tighten regulatory standards and simplify processes for consumers and businesses alike. Here’s a breakdown of the new rules and changes that are relevant for consumers and investors in November 2024:
Mutual Funds Now Under Insider Trading Regulation
From 1 November, all mutual fund transactions are now regulated under the Securities and Exchange Board of India’s (SEBI) Insider Trading rules. SEBI’s amendment mandates that any transactions over Rs 15 lakh involving nominees or relatives must be reported within two days to ensure transparency and curb potential insider trading.
Key Points:
- SEBI regulations cover all mutual fund units under the Prohibition of Insider Trading.
- Nominees and relatives must report transactions above Rs 15 lakh.
- Compliance officers must file details within 2 days, aimed at curbing misuse of insider information.
SBI Credit Card Charges and Fees Updated
SBI credit cardholders now face new charges on certain transactions. Starting this month, unsecured SBI cards will incur a finance charge of Rs 3.75 per month. Additionally, payments above Rs 50,000 for utilities like electricity, water, and LPG bills will attract an extra 1% fee if made through an SBI credit card.
New Charges:
- Finance Charge: Rs 3.75 monthly on unsecured SBI credit cards.
- Utility Bills: Transactions above Rs 50,000 have an additional 1% surcharge.
These updates mean cardholders should be mindful of their spending habits, especially on utility bills, to avoid additional costs.
Reserve Bank’s Updated Domestic Money Transfer (DMT) Rules
In line with RBI’s July 2024 directive, new rules for Domestic Money Transfers (DMT) go live from 1 November, focusing on enhancing safety and compliance. RBI’s move, prompted by the increased availability of digital banking and payment systems, aims to make fund transfers safer and KYC processes simpler.
What to Expect:
- Improved security measures for digital money transfers.
- Easier and safer KYC processes for users.
- Wider options for safe fund transfers across digital platforms.
Gas Cylinder Price Increase: Higher Rates for Commercial LPG
For those who rely on commercial LPG gas cylinders, there’s an increase in prices starting this month. The cost of a 19 kg commercial gas cylinder in Delhi has gone up by Rs 62, now priced at Rs 1,802. Meanwhile, smaller 5 kg Free Trade LPG cylinders have seen a Rs 15 hike. The cost of domestic 14.2 kg gas cylinders remains the same.
New Pricing:
- Commercial 19 kg Cylinder: Increased by Rs 62, now Rs 1,802.
- 5 kg FTL Cylinder: Now Rs 15 more.
Telecom Rules Updated for Spam Prevention and Message Traceability
The Telecom Regulatory Authority of India (TRAI) has instructed telecom operators to take stronger action against spam calls and messages. Effective immediately, telecom providers like Jio, Airtel, and others are required to block spam calls at the network level before they reach customers. The new traceability rule also means that any fake or spam numbers will be flagged and blocked immediately.
TRAI’s New Rules:
- Spam Blockage: Companies must block spam numbers in advance.
- Message Traceability: Fake numbers are identified and blocked in real-time.
This move brings a layer of security for users, aiming to reduce the nuisance of spam calls and prevent potential fraud.
Swiggy IPO Launch on 6 November
Swiggy, the popular online food delivery company, is set to open its Initial Public Offering (IPO) between 6 and 8 November 2024, with an anchor investor window starting a day earlier on 5 November. The IPO price range is set between Rs 371 and Rs 390 per share. Major investors like Prosus and SoftBank may sell part of their stake, making this IPO an exciting prospect for retail and institutional investors alike.
IPO Details:
- IPO Dates: 6–8 November 2024 (Anchor investors on 5 November).
- Price Range: Rs 371–390 per share.
- Investors Involved: Prosus, SoftBank, and others may divest some shares.
Extended Deadline for Corporate Income Tax Filing
Corporate taxpayers now have an extended deadline to file their Income Tax Returns (ITRs) for the financial year 2024-25, with the new cutoff set for 15 November 2024. Initially, the deadline was 31 October 2024, but the Central Board of Direct Taxes (CBDT) announced an extension for companies under Section 139(1) of the Income Tax Act, granting additional time for more accurate filing.
Revised Deadline:
- Original Date: 31 October 2024.
- New Date: 15 November 2024.
This extended timeline allows companies to file their tax returns with precision and avoid potential penalties.
ICICI Bank Credit Card Updates: Revised Fees and Reward Points Structure
From 15 November 2024, ICICI Bank will implement a new fee structure and modify its rewards program for credit cardholders. Key changes include the removal of surcharge waivers on fuel spends over Rs 1 lakh, elimination of reward points on government transactions, and a 1% fee on education-related payments.
New Terms for ICICI Bank Credit Cards:
- Fuel Spends: No surcharge waiver on transactions above Rs 1 lakh.
- Government Transactions: No reward points awarded.
- Education Payments: 1% charge on transactions.
- Removed Benefits: Spa and lounge access removed from certain cards.
This update affects services for cardholders and changes some popular benefits like fuel surcharge waivers and airport lounge access.
Changes in Train Ticket Booking Window
The Indian Railways has shortened the advance ticket booking window from 120 days to 60 days to streamline the process and make travel planning more efficient for passengers. This change affects the planning and booking habits for train travelers, especially for holiday and peak season journeys.
Updated Booking Window:
- Old Window: 120 days.
- New Window: 60 days in advance.
The revised booking period aims to make it easier for passengers to manage their travel plans closer to their intended date.
These rule changes taking effect on 1 November are expected to influence financial decisions, improve safety, and streamline processes across various sectors in India.
