Your daily life will change significantly after May 1. Additionally, it covers everything from lowering the cost of commercial gas cylinders to eliminating spam calls. The guidelines for ATM transactions are also undergoing specific changes at the same time at Punjab National Bank. Moreover, you’ll learn about the rising price of Tata cars in this article. Here are the six significant rules changes that will take effect from May 1.
1. No Spam Calls Or Messages From Now On
Filters are being brought into the systems of the nation’s three major network service providers, Jio, Airtel, and Vodafone-Idea. Additionally, they are preventing spam calls by doing this. Companies also assert that spam calls and texts will be blocked on the network itself with the use of AI.
In other words, up until this point, we have come to understand that the call was a spam call. So we also blocked the number after that. However, the calls won’t reach us because they will already be on the network’s block list. According to the Telecom Regulatory Authority, the corporations had until April 30 to comply.
2. Price Of Commercial Gas Cylinder Changes
The Centre updates the cost of commercial LPG cylinders every month. Additionally, commercial LPG cylinder prices are being reduced by Rs 171.50 per unit by the state-run oil marketing firms. In the meantime, the government decreased the cost of a 19 kg commercial cylinder by Rs 91.50 last month. As a result, in Delhi, a commercial petrol cylinder costs Rs 1856.50 rather than Rs 2028.
Moving on, the cost in Kolkata is down from Rs. 2132 to Rs. 1960.50. It costs Rs 1808.50 in Mumbai instead of Rs 1980, while it costs Rs.2021.50 in Chennai. However, the cost of domestic cylinders remains intact. The cost of domestic gas cylinders last changed in March. The price of domestic LPG rose by 50 rupees when the petroleum companies made the changes.
3. TATA Vehicles Get Expensive
The cost of Tata Motors’ passenger vehicles is currently rising. As a result, the corporation has also raised the cost of every vehicle it sells by an additional 0.6% on average. Furthermore, Tata is raising prices for the second time in 2023. As a result of growing input costs, the price had previously increased by 1.2% in January. Regulation-related expenditures and increases in overall input costs are always borne to a large extent by Tata Motors. As a result, it is necessary to transfer some proportion via this raise.
4. KYC Now Necessary To Invest In Mutual Funds
Now that KYC is complete, SEBI requests that mutual fund companies make sure that investors use the same e-wallet to purchase mutual funds. Additionally, this indicates that investors can now only make investments through KYC-compliant e-wallets. You have to provide your PAN number, mobile number, and bank information in the meantime for KYC. You’ll also need to complete the KYC form with the necessary details.
5. Rules Concerning ATM Transaction Changes
The laws governing ATM transactions are also changing, according to PNB, or Punjab National Bank. This states that you will be charged Rs. 10 if the transaction is unsuccessful owing to insufficient funds in your account at the time of an ATM withdrawal. The PNB website states,
“Dear Customers, w.e.f. 01.05.2023, Bank shall levy charges of Rs. 10+GST on failed domestic ATM cash withdrawal transactions due to insufficient funds”.
6. SBI Credit Card Rules Changes
SBI Credit Cards now provide a monthly/billing cycle maximum reward of Rs 5,000 for all categories. The purchasing category used to only offer a maximum reward of Rs 10,000, though. In addition, the service of free admission to airport lounges will no longer be offered. Previously, the cardholder got four free visits per year to domestic airport lounges.
There will be several modifications to the financial laws in several fields that may affect you. Therefore, to prevent any discomfort, it is imperative to be aware of any changes in advance. Here is a quick summary of the changes that are effective as of right now.