February financial changes: The Union Budget will be presented by Finance Minister Nirmala Sitharaman on February 1, but along with that there are a few changes that will impact the pocket of the common man of India. Here are all the changes you should know:
Getting to the first change, there is a rule that on the first date of every month, the prices of LPG cylinders are revised across the country. As per the rule, Oil marketing companies update the prices of LPG cylinders and therefore, the change in LPG prices (If done), would also impact the consumers at a significant level.
In the department of financial transactions, a major change in UPI has been made under which, the National Payments Corporation of India (NPCI) has decided to block certain UPI transactions. It has been reported that a circular regarding this has already been issued and in the month of February, the changes will take effect on February 1, 2025.
Talking about the change in UPI, the NPCI has notified that from 1st February, only alphanumeric characters (letters and numbers) will be used in the transaction ID and if a transaction ID is generated with any other characters, the payment will fail.
In the next important change, Maruti Suzuki India Limited (MSIL), the leading car manufacturer in the country, has revealed that it will raise the prices of several car models by as much as Rs 32,500, effective from February 1st of this year. This decision is attributed to the increasing costs of inputs and operational expenses.
In the latest change, Kotak Mahindra Bank has notified its customers regarding upcoming modifications to its standard services and charges, set to take effect on February 1, 2025. This includes adjustments to the limit for free ATM transactions and new fees for different banking services.
There is a possibility of a change in the prices of aviation fuel, Air Turbine Fuel from the first of February. If that happens, it will have a huge impact on the pocket of common man.
