Rules Change: From UPI transactions to train ticket booking and pension, these rules have changed from yesterday..

With the beginning of October, major changes have come into effect in banking, pensions, online transactions, railway ticket booking, and many other essential services in India. These rules directly impact the common man and can affect everything from your pocket to your convenience. Let's take a look at what has changed from yesterday in simple terms.

Changes in UPI Transactions
We all use UPI daily. Now, the peer-to-peer (P2P) "collect request" feature, where someone requests you to send money, has been discontinued. This is intended to increase security and prevent fraud. Money transfers will now only be possible via QR scan or direct mobile number.

New Railway Ticket Booking Rules
The rules for booking general tickets on the IRCTC website and app have also been changed. For the first 15 minutes, only Aadhaar-verified users will be able to book tickets. This will curb the arbitrariness of agents and make it easier for the public to obtain tickets.

Changes in the Speed ​​Post Service
India Post has introduced OTP-based delivery in the Speed ​​Post service. It will now be mandatory to provide an OTP for parcel deliveries, which will increase security. GST charges will now be shown separately on the bill.

Changes in Pension Rules
New CRA (Central Recordkeeping Agency) fees have now been implemented for NPS, Atal Pension Yojana, and other schemes. NPS investors will now be able to invest 100% of their funds in equities (stock markets). This feature was previously limited.

Flexibility in Interest Rates
Customers with floating-rate loans (such as home loans) will now benefit from interest rate changes sooner than before. Previously, the waiting period for interest rates was reduced to three years. Customers will also be able to switch from fixed to floating rates.

New Loan Facility on Gold and Silver
Banks are now permitted to offer loans against gold for up to 270 days, up from 180 days. Small jewelry merchants and processing units will directly benefit from this.

Banking services have become more expensive.
Many banks, including HDFC, PNB, and Yes Bank, have increased fees for ATM withdrawals, debit cards, locker charges, and some other services. Furthermore, the RBI has mandated that all banks obtain new agreements from their locker customers. This means that if you have a bank locker, you will now be required to enter into a new agreement.

Foreign Banks and NRI Rules
The RBI has directed foreign banks to make their loan risk management information transparent. NRIs will no longer be able to open new PPF accounts or extend existing ones.

Changes in Road Safety and GST Invoicing
Some states have increased fines for traffic violations. The turnover limit for e-invoicing under GST has been reduced, forcing more merchants to adopt this rule.

LPG Subsidy and Prices
The method of providing LPG subsidies has been changed under some schemes. Also, there has been a change in the prices of coral gas, which may affect the market.

Disclaimer: This content has been sourced and edited from TV9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content