6 Important Rules Set To Change Starting Today, Here's All You Need To Know

Starting today, December 1, 2023, several key regulations across banking, telecom, and technology sectors are set to undergo significant changes. Here's a breakdown of the crucial rules set to change:

1. LPG Cylinder Prices:

Expect potential alterations in the pricing of commercial LPG cylinders from today onwards. The recent price surge of Rs.100 in November might experience another increment due to the wedding season. However, domestic cylinder prices are anticipated to remain stable for now.

2. Loan Terms:

The Reserve Bank of India ( RBI ) will enforce new loan-related rules effective today. Banks are mandated to return property documents submitted for loan approvals within one month of repayment. Failure to comply could lead to penalties up to Rs. 5,000 for the bank.

3. HDFC Credit Card Modifications:

HDFC Bank is revising terms for its Regalia Credit Card, especially concerning lounge access. Users are now required to spend a minimum of Rs. 1 lakh per quarter to qualify for lounge access, limited to twice per quarter. Additionally, a nominal transaction fee applies, with MasterCard users charged Rs. 25, refunded later.

4. SIM Card Regulations:

Starting today, new regulations concerning SIM card purchases and sales will be in effect. Purchasing SIM cards now requires a KYC process, and limits are set on the number of SIM cards sold under a single ID. Violations may lead to fines up to Rs. 10 lakh and imprisonment. SIM card vendors must register through the KYC process as per the new rules .

5. Demat Account Nominations:

The deadline for submitting nominations for demat account holders has been extended to December 31, 2023.

6. Bank Locker Time Limit:

As per the revised guidelines by RBI, the updated locker agreement must be implemented by December 31, 2023. Individuals who submitted amended agreements before December 31, 2022, need to re-sign and submit the updated agreement by the deadline.

Stay informed about these changes as they come into effect today, ensuring compliance and understanding their implications in various sectors.