Starting August 1, new financial policies and banking regulations will impact consumers and investors. The changes, covering taxation, banking fees, and investment options, will introduce updated rules and guidelines across these sectors.
FASTag ChangesStarting August 1, the National Payments Corporation of India (NPCI) is implementing new FASTag guidelines. Users are required to update their KYC details by October 31, especially if their FASTag is 3 to 5 years old. FASTags older than five years must be replaced. Additionally, vehicle registration and chassis numbers must be linked to the FASTag, and new vehicle owners must update their FASTag with the registration number within 90 days of purchase. FASTag providers must also verify their databases and upload high-quality photos of the vehicle’s front and side for improved security.
Cashless Authorization for Non-Life InsurancesFrom August 1, non-life insurance companies must provide a decision on cashless authorization within one hour of receiving a request through hospitals. This mandate, set by the Insurance Regulatory and Development Authority of India (IRDA), aims to streamline approval processes and move towards 100 percent cashless authorization. Insurers are required to implement the necessary systems and procedures by July 31.
Revised Terms for HDFC Credit Card UsersHDFC Bank has updated its credit card terms effective today. A 1 percent fee will be charged on transactions made through third-party payment apps (e.g., CRED, Paytm) for rental and educational expenses, as well as on utility transactions exceeding Rs 50,000. The bank has also introduced a Rs 50 rewards redemption fee, increased annual/renewal fees on select credit cards tied with Indigo Airlines, and revised late payment fees for these cards.
Google Maps Fee ReductionBeginning August 1, Google Maps will cut its service charges by up to 70 percent and switch billing from dollars to rupees to attract more partners. Regular users will not face additional charges.
New Tax RegimeFrom August 1, if you miss the deadline for filing your Income Tax Return (ITR), the new tax regime will apply by default. Even if you submit a belated ITR by December 31, 2024, you will not be able to choose the old tax regime for tax calculation.