Updating the existing policies is one of the most crucial steps that the government of any country should take to keep up with the time and needs of the people.

As of September 2024, the government of India has introduced several changes in financial and government policies for the betterment of people. The changes have been introduced in a range of policies ranging from LPG cylinder prices to fraud prevention tactics. Below is a detailed breakdown of each of the introduced changes.

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1. Change In LPG Cylinder Price

The prices of domestic LPG cylinders used for cooking have stabilised to provide relief and convenience to the country's households; the decision to fix the price of domestic LPG cylinders aimed to help low-income families.

However, the prices of commercial LPG cylinders used by small businesses and the hospitality industry would continue to fluctuate. This fluctuation may force businesses like restaurants that depend on LPG cylinders to increase the price of their services.

2. Changes In Rates For Aviation Turbine Fuel (ATF) & Compressed Natural Gas (CNG) And Piped-Natural Gas (PNG)

The rates of Aviation Turbine Fuel (ATF) which fuels the aviation sector have increased with the rising global oil rates. This may lead to a change in the prices of airfares, especially for domestic and short-haul flights.

A price hike has been announced for Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). CNG is used extensively in the public transportation sector and the price changes would increase the commuting cost for the people. PNG is mainly used in households for cooking and heating. Consumers would have to accommodate the price hike in PNG in their monthly budgets.

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3. Changes In Credit Card Rules

Various major banks like HDFC and IDFC First Bank have introduced new policies regarding reward points, especially for utility payments. HDFC has implemented time restrictions in the use of reward points earned from specific payments. On the other hand, IDFC First Bank has made changes in the payment schedule for credit cardholders to make repayment easy and convenient.

These changes are made for consumers to check their credit card use and maximise the rewards associated with it.

4. Hike On Dearness Allowance (DA)

Dearness Allowance (DA) is given to pensioners and govt. employees after retirement to deal with the uncertainty of inflation. It is a cost-of-living adjustment provided to them to keep up with the changing world economy.

A hike has been introduced in DA to offer financial assistance to the govt. employees and pensioners to maintain their standard of living.

Read More: How To Check Your Pension Application Status?

5. Protecting People From Fraudulent Calls

As the prevalence of fraudulent calls is increasing in India and many people are falling prey to it, the government enhanced safety by introducing stronger penalties for those who would be found guilty of such practices. The changes were introduced to protect the people of India from fraudulent practices in online transactions.

6. Updates In Aadhaar Card For Free

The Aadhaar card is a critical document for the people of India and one of the most accepted ways of proving one’s identity. Under this change, Aadhaar cardholders can update their personal information free of cost till September 14. After this date, Aadhaar card holders would have to pay a nominal fee for updating their information.

Read More: PAN Aadhaar Linking: What You Need To Know About The Deadline, Penalty & Linking Process?

7. Special Fixed Deposit (FD) Schemes

Numerous banks have introduced Special Fixed Deposit (FD) Schemes that offer a higher rate of interest for a limited period. These schemes are being introduced to encourage people to deposit their money for a long time for higher interest rates.

Also read: Unlocking High Returns: Understanding RBI's Latest Rules On Fixed Deposit Rates

Conclusion

The changes in financial and government policies have been made to improve the standard of living of people and provide them with relief and convenience in this constantly changing economy.

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