Key Regulatory Changes From December 1: From TRAI’s New Regulation That Will Likely Cause Delay in OTPs to Maldives Fee Hike, Here’s All You Need To Know

By admin On Nov 28, 2024

Mumbai, November 28: India is set to implement a range of regulatory changes starting December 1, 2024, that could cause disruptions across multiple sectors, with one of the most notable concerns being potential delays in One-Time Password (OTP) deliveries. These changes, aimed at improving security and governance, include new measures to curb fraudulent OTPs and enhance message traceability, requiring telecom companies to comply with updated protocols. While the Telecom Regulatory Authority of India (TRAI) has reassured the public that essential OTP services, such as those for Net Banking and Aadhaar, will remain unaffected, delays in non-essential OTPs could still occur during the adjustment period.

These regulatory changes extend beyond just OTP protocols and touch on various sectors, including tourism, banking, and LPG pricing. For instance, the Maldives has raised departure fees for tourists, while banks like YES Bank and HDFC are adjusting credit card rules. Additionally, the prices of LPG cylinders will undergo monthly revisions, with potential increases for commercial cylinders. Let’s look at key changes that will impact individuals and businesses starting December 1. Bank Holidays in December 2024: From Christmas to Weekends and More, Banks To Remain Closed for 17 Days Next Month; Check Complete List of Bank Holiday Dates.

List of Key Changes from December 1

TRAI’s New Regulation

TRAI will enforce new regulations requiring telecom companies to implement message traceability to curb fake OTPs. This initiative aims to enhance security by tracking OTP messages, ensuring that users receive only legitimate ones. However, if telecom companies fail to comply with the new rules, there may be temporary delays in OTP deliveries during the transition period.
Increase in Maldives Departure Fees

The Maldives has raised departure fees for tourists. Economy-class passengers now pay USD 50 (INR 4,220), up from USD 30 (INR 2,532). Business-class and first-class passengers will face even higher increases, with fees rising significantly. This hike is part of an effort to boost the country’s tourism revenue amid growing visitor numbers. Black Friday 2024 Date and Origin: Why Is Black Friday Celebrated? Everything You Need To Know About This Shopping Extravaganza Observed on the Day After Thanksgiving.
Revised LPG Cylinder Prices

Oil marketing companies (OMCs) will continue their practice of monthly LPG cylinder price adjustments. The 19 kg commercial cylinder price saw an increase of INR 48 in October, and the prices for domestic cylinders will likely be revised in the coming months. These price adjustments will affect both businesses and households relying on LPG for cooking and heating.
Changes in Credit Card Policies

Banks like YES Bank, HDFC Bank, State Bank of India, and Axis Bank are revising their credit card policies from December 1. YES Bank is capping the number of reward points redeemable for flights and hotels, while HDFC Bank has introduced stricter requirements for lounge access. Other banks are also revising credit card fees and reward point structures, impacting how consumers earn and redeem benefits.
Increased Customs Duty on Electronics Imports

The Indian government is increasing customs duties on certain electronics imports, such as smartphones and laptops. This move is aimed at promoting local manufacturing but may lead to higher prices for imported electronics. Consumers may notice price hikes on gadgets and devices starting from December 1.
Changes in Banking Services and Loan Regulations

Several banks will introduce changes in their loan and banking services from December 1. New regulations will affect interest rates, processing fees, and eligibility criteria for personal loans and home loans. This is part of a broader effort to ensure greater transparency and customer protection within the financial services sector.

As these changes take effect from December 1, 2024, they will bring both challenges and opportunities for individuals and businesses across various sectors. While some updates, such as the new telecom regulations for OTPs and credit card policy changes, are aimed at improving security and consumer protection, others, like the Maldives departure fee hike and revised LPG prices, may lead to increased costs.

(The above story first appeared on Today News 24 on Nov 28, 2024 08:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).