Starting from June 1, 2024, five major changes will take effect that could significantly impact your funds. Being aware of these changes can help you to avoid any potential losses. Here’s a detailed note:
1. Driving License Rules
From June 1, 2024, getting a driving license in India will become more convenient & easy. Now, applicants need to pass the driving test at the authorised private driving centres. The Ministry of Road Transport and Highways has revised the process:
- No More RTO Driving Tests: Applicants have no need to pass the driving test at the Government Regional Transport Office (RTO).
- Private Training Centers: Authorized private driving training centers will now conduct the driving tests and they will issue the certificates.
2. Linking PAN Card and Aadhaar Card
The time limit to link your PAN card with your Aadhaar card is May 31, 2024. The Income Tax Department has mandated this linkage for the following reasons:
- Avoid Higher TDS: If the Aadhar Card and PAN Card are not linked by May 31,2024 then this will result in a higher Tax Deduction at Source (TDS).
3. Increase in Car Prices
From June 1, 2024, the prices of Audi cars in India will rise by 2%.The company has pointed out an increase in input costs as their reason for raising the prices of their cars. Audi India sold 7,027 units in the financial year 2023-2024, which is 33% increase in sales as compared to the previous year.
4. Changes to SBI Credit Card Rewards
State Bank of India (SBI) is updating its credit card rewards program:
- Affected Cards: Cards such as Aurum, SBI Card Elite, SBI Card Elite Advantage, among others, will no longer earn reward points on government-related transactions.
- Effective Date: These changes will take effect from June 1, 2024.
5. LPG Cylinder Price Updates
The prices of LPG cylinders are reviewed monthly, so we will update it as soon as we get an update.
- Previous Adjustments: In May 2024, oil marketing companies have reduced the prices of commercial LPG cylinders.
- Future Expectations: It is predicted that the prices may decrease further in June.
6. FD Interest Rates
Banks like DCB Bank, City Union Bank, RBL, Capital Small Finance Bank and more, have changed their FD interest Rates. You can refer to their official website for detailed information.
Summary
Here’s quick summary of all important rules:
• Authorised driving test centres will conduct the driving test instead of Government Regional Transport Office (RTO).
• May 31, 2024 is the deadline to link Aadhar with PAN Card.
• Prices of Audi cars in India will rise by 2%.
• Aurum, SBI Card Elite, SBI Card Elite Advantage, among others, will no longer earn reward points on government-related transactions
• In June, it is expected that price may be reduced further.
• Some banks have changed their FD interest rates.
Also Read: Filed Wrong Details In ITR? Discover How Often You Can Revise Your Return!