As we approach December 1 , 2024, several crucial changes in rules and regulations will directly impact consumers. From banking and telecom to tourism and gas prices, these shifts are set to affect your daily life and finances. Here’s a look at the key updates.
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1. Changes in OTP and Telecom Security
Fraudulent OTP (One-Time Password) activities have been a major concern, with scammers often using these methods to access people’s bank accounts. To curb this, the Telecom Regulatory Authority of India (TRAI) has mandated telecom companies to improve message traceability. This means companies must now identify the origin of messages. If they fail to comply, users may experience delays in receiving OTPs or, in some cases, may not receive them at all.
2. Rising Costs for Maldives Travel
Planning a trip to the Maldives? Be prepared for higher travel costs. Starting December 1, fees for passengers travelling to this popular destination will increase significantly. Economy-class travellers will face a hike from $30 (₹2,532) to $50 (₹4,220). Business-class travelers will see fees rise from $60 (₹5,064) to $120 (₹10,129), while first-class travellers will pay $240 (₹20,257) instead of $90 (₹7,597). Additionally, private jet passengers will see their fees increase from $120 (₹10,129) to $480 (₹40,515).
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3. Gas Cylinder Price Adjustments
Oil marketing companies are set to revise the prices of gas cylinders once again from December 1. While domestic gas cylinder prices have remained stable, commercial gas prices have fluctuated multiple times in recent months. The changes in gas prices also impact aviation fuel costs, which can influence airfares.
4. New Credit Card Rules
Starting December 1, 2024, several banks will update their credit card policies. Yes Bank will impose limits on the number of reward points that can be redeemed for flights and hotels. Meanwhile, HDFC Bank will change the lounge access policy for Regalia cardholders, requiring a minimum quarterly spending of ₹1 lakh to qualify for lounge access. Additionally, both the State Bank of India and Axis Bank are revising their reward point systems and credit card charges.
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These changes will have a direct impact on your spending and savings, so make sure to stay informed and plan accordingly!
