Financial Rules Changing In December 2024: As we are moving into December 2024, the last month of 2024, several critical regulatory updates, which can have a direct impact on common citizens’ lives, will come into effect. From stricter telecommunications regulations to changes in travel fees and new credit card policies, below is a detailed examination of the most significant changes that will take effect on December 1.
TRAI’s new rule to curb bogus OTPs
To combat and tighten security due to the rising problem of fraudulent OTPs being used in scams, the Telecom Regulatory Authority of India (TRAI) has ordered telecommunications providers to implement message traceability by November 30, 2024. This is intended to reduce financial fraud and safeguard consumers. Operators who fail to comply risk delaying or disrupting OTP services, which might have an impact on banking and digital transactions.
Monthly LPG price revision
The Oil Marketing Companies (OMC) will, like every month, adjust LPG prices on December 1. While domestic cylinder prices remained stable last month, commercial LPG cylinders increased by ₹48 in October. While changes for December have not yet been announced, they are expected.
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New credit card rules
Several banks have scheduled plans to change their credit card benefits and rewards systems from the first day of December.
YES Bank- There will now be a limit on the redemption of rewards for flights and hotels.
HDFC Bank- Regalia cardholders must spend Rs 1 lakh per quarter to access the complimentary lounge.
SBI and Axis Bank- To optimise benefits, both banks are revising their reward points structure and credit card fees in accordance with industry trends.
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Maldives departure fees
Indian visitors will now have to pay a high departure fee if they will be travelling to the Maldives. The fare for economy class passengers will increase from $30 (₹2,532) to $50 (₹4,220). Business class passengers will pay $120 (₹10,129), double the $60 they previously paid, while first-class passengers will see their fee rise to $240 (₹20,257). Private jet travellers experienced the biggest increase, with fees rising from $120 (₹10,129) to $480 (₹40,515).
