There are five important changes in the rule of LPG (Liquefied Petroleum Gas) cylinders, which will be effective from October 1, 2024. The changes are expected in the price hike for LPG cylinders. It will affect the monthly household budgets. New guidelines will enforce stricter rules on credit issuance and fees. There is a revision expected in the interest rate of the Sukanya Samriddhi Yojana (SSY), impacting savings. The Public Provident Fund (PPF) interest rate will also be updated, affecting the long-term savings for an individual. The deadline for filing income tax returns will be extended. It will provide more time for taxpayers to pay. Here is an elaborate view of the big changes from October 1.
LPG Cylinder Price Changes From October 1
Oil marketing companies adjust the prices of LPG cylinders every first of the month. As September draws to a close, we anticipate the announcement of the revised rates for October 2024 at 6 AM on October 1. Despite frequent price fluctuations for 19 kg commercial gas cylinders, the price of the 14 kg domestic LPG cylinder has stayed stable for a while.
If we compare the September 1, 2024 rules, the price of commercial LPG cylinders increased in major cities. According to reports fetched from the Indian Oil Corporation Limited (IOCL) website:
- The price of a 19 kg LPG cylinder rose from Rs. 1,652.50 to Rs. 1,691.50 an increase of Rs. 39 was seen.
- It increased from Rs. 1,764.50 to Rs. 1,802.50. An increase of Rs. 38 was seen.
- Mumbai also saw an increase of Rs. 39, just like Delhi. The price rose from Rs. 1,605 to Rs. 1,644.
- The price rose from Rs. 1,817 to Rs. 1,855. Chennai saw an increase of Rs. 38, just like Kolkata.
People have hope that the price of 14 kg of domestic LPG cylinders might be reduced. It will surely be a relief to households ahead of the festive season.
Credit Card Regulation Update
One of the important changes for October 1, 2024, will be HDFC Bank and its credit loyalty program. If you are an HDFC credit card holder, this is what you need to do.
HDFC Bank will limit the redemption of reward points for Apple products on its SmartBuy platform. Cardholders can only redeem points for one Apple product per calendar quarter. It may affect those who regularly use points for high-value Apple purchases.
ATF And CNG-PNG Rates
Additionally, Oil Marketing Companies (OMCs) adjust Aviation Turbine Fuel (ATF), CNG, and PNG prices on the first of each month. Here is a quick overview of the September 2024 ATF price reduction across major cities:
Delhi: The prices fell from Rs. 97,975.72 to Rs. 93,480.22 per Kilolitre.
Kolkata: Rates dropped from Rs. 1,00,520.88 to Rs. 96,298.44 per kilolitre.
Mumbai: The prices dropped from Rs. 91,650.34 to Rs. 87,432.78 per kilolitre.
Chennai: The rates fell from Rs. 1,01,632.08 to Rs. 97,064.32 per Kilolitre.
These reductions in ATF prices may lower the airline’s operating costs. It will lead to cheaper airfares for passengers. Additional updates to CNG and PNG prices are expected on October 1. It could directly impact transportation costs and household energy bills.
Changes In Sukanya Samriddhi Yojana (SSY)
A new rule for the SSY will be effective from October 1. After that, only the legal guardians of daughters will be allowed to manage SSY accounts. If the account was not opened by the legal guardians, it must be transferred to the natural parents or legal guardians. The particular account could be closed if someone fails to do so. This rule is designed to ensure that the child’s financial matters are handled by the legal parents or guardians.
Also, check the Top 10 Government Girls Child Scheme in India.
Public Provident Fund (PPF) Account Rule Change
Three major changes will be introduced to the PPF scheme. It is operated under the small savings scheme by the post office.
- Action Against Multiple PPF Accounts: If individuals are found holding more than one PPF account, they will face stricter penalties. Only one PPF account is allowed per person.
- Interest Payments For Minor Accounts: Interest on Post Office Savings Accounts held by minors will be paid until they turn 18. Once they turn 18, the PPF interest rate will apply.
- PPF Maturity Calculation: For minors, the PPF maturity period will now be calculated from the date they turn 18. Matching with their legal ability to manage the account independently.
These changes from October 1 will surely bring clarity and responsibility to how PPF and POSA accounts are managed. Especially highlights those who opened accounts in the name of minors.
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