New Rules July 2024: Cheaper Gas Cylinders and SIM Porting Changes

Pune, 1st July 2024: Several new financial rules have come into effect across India as of today, impacting everyday life and expenses for the common person. Notable changes include new LPG cylinder rates, revised prices for Tata Motors and Hero MotoCorp vehicles, and updated regulations for mobile number porting. These updates aim to balance economic needs and address consumer concerns, ensuring a fair and efficient system.

Effective from today, the prices for LPG cylinders have been reduced for the third consecutive time, bringing much-needed relief to households and businesses. Alongside this, Tata Motors has announced a price hike of up to 2% on its commercial vehicles, and Hero MotoCorp has increased the cost of its two-wheelers by up to ₹1,500, citing higher production costs.

In an effort to curb fraud, the Telecom Regulatory Authority of India (TRAI) has changed the rules for mobile number porting. Customers must now wait seven days after changing their SIM before they can port their mobile number, down from the previous 10-day waiting period.

From July 3, mobile recharges will become more expensive. Major telecom companies, including Reliance Jio, Bharti Airtel, and Vodafone Idea, have increased their recharge plans by 10-24%, with Jio and Airtel implementing the changes on July 3 and Vodafone on July 4.

The Central Board of Direct Taxes (CBDT) has appointed 1988 batch revenue officer Ravi Agarwal as its new chairman, effective from today. He will serve until June 30, 2025. In the National Pension System (NPS), subscribers will benefit from same-day settlement of contributions, with investments being made on the same day they are received by the trustee bank.

Finance Minister Nirmala Sitharaman will present the full budget for the financial year 2024-25 this month, marking her seventh consecutive budget presentation.

According to the RBI calendar, banks will be closed for 12 days in July, including weekends and state-specific holidays. Additionally, Paytm Payments Bank will close inactive wallets on July 20, affecting those with no transactions in the past year and a zero balance. The deadline to file Income Tax Returns (ITR) for the financial year 2023-24 is July 31, with a penalty-extended deadline until December 31, 2024.