Major Changes Effective June 1, 2024: LPG Prices, SBI Credit Card Rules and More

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As we approach the end of May 2024, several significant changes are set to take effect from June 1st. These changes, spanning from adjustments in LPG prices to new driving license test protocols, will have a direct impact on households and individual finances across the country. Here, we outline the five key changes you need to be aware of.

LPG Price Adjustments

The first day of each month typically brings a revision in LPG cylinder prices, and June 1, 2024, will be no exception. Oil marketing companies (OMCs) will announce the new prices at 6 AM. While there have been frequent adjustments in the prices of 19-kilogram commercial gas cylinders recently, the cost of the 14-kilogram domestic cylinders has remained stable. However, with the election period drawing to a close, there is hope for a reduction in domestic LPG prices, potentially bringing some financial relief to households.

Changes in ATF and CNG-PNG Rates

In addition to LPG, OMCs also revise the prices of Air Turbine Fuel (ATF) and Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) on the first of each month. Although there was a reduction in ATF prices in April 2024, new rates for these fuels will be announced on June 1. These changes will directly affect transportation costs, influencing air travel and the cost of running CNG-powered vehicles.

Revisions in SBI Credit Card Rules

From June 1, 2024, several key changes will come into effect for State Bank of India (SBI) credit cardholders. Specifically, reward points will no longer be applicable for government-related transactions on certain SBI credit cards. Affected cards include SBI Card Aurum, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, SimplyCLICK SBI Card, SimplyCLICK Advantage SBI Card, and SBI Card Prime. Cardholders should review these changes to understand how their reward points and overall benefits will be impacted.

New Driving License Test Procedures

Starting June 1, 2024, private driving schools will be authorized to conduct driving tests for license applicants, a role previously reserved for government-run RTO centers. This shift aims to streamline the testing process and reduce wait times for applicants. However, only private institutes recognized by the RTO will be permitted to conduct these tests. Additionally, stricter penalties are being introduced for underage driving: minors caught driving will face a fine of ₹25,000 and will be barred from obtaining a driving license until they turn 25.

Aadhaar Card Free Update Deadline

The deadline for free Aadhaar card updates has been extended multiple times, with the current deadline set for June 14, 2024. After this date, cardholders will need to pay a fee of ₹50 per update at Aadhaar centers. This change emphasizes the urgency for individuals to update their Aadhaar information promptly to avoid additional costs.

Impact Overview

These changes are poised to affect various aspects of daily life, from household expenses and travel costs to financial management and legal compliance. It is crucial for individuals and families to stay informed and plan accordingly to mitigate any negative impacts on their budgets and daily routines.

Stay updated, prepare ahead, and ensure you make the necessary adjustments to your daily routines and financial plans to navigate these changes smoothly.

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