FASTag new norms from August 1, 6 money rules that change today

It is August 1 and a slew of changes related to money including LPG cylinder price, FASTag KYC comes into effect from today that may affect your expenses.

Here’s a look at the financial rules that change from August 1, 2024:

1 - New FASTag KYC rule: The National Payments Corporation of India (NPCI) has issued new guidelines for FASTag with a strong emphasis on Know Your Customer (KYC) requirements and the replacement of older FASTags.

Companies providing FASTags services have been given time till October 31 to mandatorily complete KYC updates of all FASTags issued between three to five years ago. If not done, customers may face action including disruption in service.

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Also, any FASTag which is older than five years must be replaced. Vehicle owners must check the issuance dates of their FASTags and take prompt action to avoid any trouble.

Starting August 1, all FASTags must be linked to the vehicle’s registration number and chassis number. New vehicle owners must update their registration number within 90 days of purchasing the vehicle.  

Apart from these changes, FASTag providers must now upload clear photos of the vehicle’s front and side to facilitate easy identification. Each FASTag must also be connected to a mobile number to ensure smooth communication and updates.

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2 - HDFC Bank credit card rules: The country’s biggest private sector bank, HDFC Bank, has introduced a number of changes that will come into effect from August 1 and will directly impact its credit card holders.  

From today, 1 per cent fee will be charged on transactions amount for all the rental transactions processed through third-party payment apps including PayTM, CRED, MobiKwik, and Cheq. Such payments are limited to Rs 3000 per transaction.  

However, fuel transactions will not attract any extra charge for transactions less than Rs 15,000 per transaction.

Also, late payment charge process has been revised depending on the outstanding amount from Rs 100 to Rs 1,300.  

From August 1, HDFC Bank will implement changes in its Tata Neu Infinity and Tata Neu Plus credit cards. Tata New Infinity HDFC Bank Credit Card users will get 1.5 per cent NewCoins on eligible UPI transactions made using the Tata New UPI ID.

3 - HDFC Bank implements markup fee:  The HDFC Bank, starting August 1, will implement a 3.5 per cent markup fee for all international or cross-currency transactions.

4 - Google Maps rules change: For India, Google Maps has made changes to its rules that becomes applicable from August 1. The company has reduced its service charges by up to 70 per cent to lure partners. Also, billing will switch from dollars to rupees. However, this will not impact general users as no extra charge will be levied on them.  

5 - Fine on ITR filing: The last date to file Income Tax Return (ITR) was July 31. If you have missed the deadline for ITR filing, from August 1 the new tax regime will be considered default for you. You can still file the ITR by December 31, 2024, but will be required to pay a penalty of Rs 5,000. There is a relief for small taxpayers whose total income does not exceed Rs 5,00,000, for them, the penalty shall be a maximum of Rs 1,000.  

6 - LPG cylinder price: The price of LPG cylinders are fixed on the first date of every month. In July, the government reduced the cost of 19 kg commercial LPG cylinder and is likely to decrease it further in August.

Bank holidays in August 2024

In August, both private and public banks across India will be closed for up to 13 days, including Sundays, national as well as regional holidays and the second and fourth Saturdays of the month.

August 2024 bank holiday list

August 3 (Saturday) - Banks in Agartala will remain closed for Ker Puja.

August 8 (Thursday) - Banks in Sikkim will be closed for Tendong Lho Rum Faat.  

August 13 (Tuesday) - Banks in Manipur will be closed fir Patriot’s Day.

August 15 (Thursday) - Independence Day and Parsi New Year (Shahenshahi) will be celebrated, therefore, all banks across the country will remain closed.

August 19 (Monday) - Banks in Tripura, Gujarat, Odisha, Uttarakhand, Rajasthan, Uttar Pradesh, and Himachal Pradesh will remain closed for Raksha Bandhan/Jhulana Purnima/Birthday of Bir Bikram Kishore Manikya Bahadur.

August 20 (Tuesday) - Banks in Kerala will be closed for Sree Narayana Guru Jayanthi.

August 26 (Monday) - Banks in Gujarat, Odisha, Chandigarh, Tamil Nadu, Uttarakhand, Sikkim, Andhra Pradesh, Telangana, Rajasthan, Jammu, Uttar Pradesh, West Bengal, Bihar, Chhattisgarh, Jharkhand, Meghalaya, Himachal Pradesh, and Srinagar will remain closed for Janmashtami (Shravan Vad-8)/Krishna Jayanthi.