The New Year 2024 has begun, and on the first day of the year, several significant changes have come into effect across the country, ranging from reduction in LPG prices to changes in online transactions through UPI payments.
Additionally, if you intend to purchase a new SIM card, it now requires E-KYC. Let's explore the five major changes introduced from January 1st.
LPG cylinder prices have witnessed a reduction on January 1, 2024. Oil marketing companies have once again cut the prices for 19-kilogram commercial gas cylinders.
From Delhi to Mumbai, the commercial gas cylinder, weighing 19 kilograms, has become cheaper by 1.50 to 4.50 rupees. Following the recent changes, the price of the 19-kilogram cylinder in the capital Delhi is now at 1755.50 rupees, while in Mumbai, it is priced at 1708.50 rupees.
In Chennai, the cylinder prices have decreased by up to 4.50 rupees, and it is currently selling at 1924.50 rupees. Conversely, in Kolkata, the price of the gas cylinder has increased by 50 paise, reaching 1869 rupees.
However, there has been no change in the prices of the domestic 14-kilogram cylinders.
Additionally, there is a reduction in Aviation Turbine Fuel (ATF) prices, dropping from 1.06 lakh rupees per kilolitre to 1.01 lakh rupees per kilolitre.
The second major change has been made in the government savings schemes in the country, effective January 1, 2024. The Sukanya Samriddhi Yojana (SSY Scheme), initiated by the government to secure the future of daughters, has recently seen an increase in interest rates. The announcement was made for the fourth quarter of the financial year 2023-24, starting from January 1.
The interest rate on the Sukanya Samriddhi Yojana has been raised by 0.20%, bringing the annual interest rate to 8.20%, up from the previous 8%.
Additionally, the government has increased the interest rate on the 3-year time deposit by 0.10%, setting it at 7.10%.
The third major change is related to the telecom industry. Now the issuance of new SIM cards will be facilitated through digital KYC (Know Your Customer) instead of the traditional paper-based KYC.
This means that customers purchasing a new SIM card will now be required to undergo only E-KYC (Electronic KYC) processes.
It is noteworthy that the Department of Telecommunications had communicated through a notification issued in December that the shift from paper-based KYC to digital KYC would take effect from January 1, 2024.
The fourth change is related to the Unified Payments Interface (UPI). The National Payments Corporation of India (NPCI) is set to launch UPI for the secondary market on January 1, 2024.
Following this, investors will be able to purchase shares by making payments through UPI. However, initially, this service will be available to a selected group of users.
Additionally, NPCI has announced the closure of UPI IDs that have not been used for a year or more.
In January 2024, banks will remain closed for a total of 16 days, according to the Bank Holiday List provided by the Reserve Bank of India (RBI). If you have any essential banking tasks in January 2024, it is necessary to check the holiday list and plan accordingly.