Aadhar Update To Revised Credit Card Charges: Know 5 Personal Finance Changes Effective From June

From the Aadhaar card update guidelines, increased penalties on roads and PAN- Aadhar deadline, here are five major personal finance changes that await Indians in June.
Aadhar Update To Revised Credit Card Charges
Aadhar Update To Revised Credit Card Charges

Being unaware of personal finance changes can impose huge financial burdens on you. As we enter the second half of the year in June, there are key personal finance changes from Aadhaar card update guidelines, new driving license rules and PAN- Aadhar deadline that can affect our daily lives.

Stock Market & Election Results

The results of the ongoing 2024 Lok Sabha election results will be announced on June 4, 2024. The election results and exit poll results can be crucial on account of impending surges or volatility in the stock market.

Prime Minister Narendra Modi had stated three days back that the stock markets would make record gains after the election results. After the 2019 elections, the Nifty had surged from 11,100 to 11,900 within 10 days of the results. Retail investors should tread carefully these days as experienced traders will be waiting to make gains with short options contracts.

4 Credit Cards Revise Charges

Bank of Baroda's BOBCARD One co-branded have higher interest rates and late payment fees effective from June 26, 2024. The rate has been hiked from 3.49 per cent per month to 3.75 per cent per month. Late payment charges have also been increased with minimum charges now at Rs 1,000.

In Swiggy HDFC Bank Credit Card cashback will be reflected directly on your credit card statement instead of Swiggy Money on the Swiggy app from June 21, 2024. The move can directly reduce your statement balance for the next month.

In the IDFC First Bank credit card, if the total of your credit card payments for utility bills exceeds Rs. 20,000 in a billing cycle, you will be charged a surcharge of 1 per cent plus Goods and Services Tax (GST). This surcharge does not apply to FIRST Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card.

YES Bank made changes to the expenditure level for the remission of the annual and joining fees and extra fees for utility transactions on all of its credit cards, except the 'private' credit card type.

Higher Fines For Traffic Violations

The Center has implemented higher fines for violations of the Motor Vehicle Act. Though the fine for speeding will remain the same, if a minor drives the vehicle, the fine will be Rs 25,000. Also, the vehicle owner's registration will be cancelled in such a case. If adults drive a vehicle without a valid license now, fines range from Rs 1,000 to Rs 2,000.

From June 1 individuals can take their driving test at the nearest private training centres authorised by governments instead of the current practice of taking the test at the respective regional transport offices (RTOs).

Link PAN and Aadhar Today

The Income Tax Department has reminded taxpayers to link their Permanent Account Number (PAN) with their Aadhaar by May 31, 2024, to avoid higher tax deductions under Section 206AA and 206CC of the Income Tax Act, 1961. The higher tax collection is due to inoperative PAN for transactions entered into before March 31, 2024.

Further primary deductors of TDS were required to deduct higher tax collection at source in such cases and several deductees had received notices for defaulting on remitting higher TDS. Such deductors should ask assessors to get their PAN linked with Aadhaar, to avoid penalties on them.

Update Aadhar By June 14

Aadhaar card holders can update the information on their card online for free till June 14, 2024. Users can also update their Aadhaar cards offline at enrollment centres by paying Rs 50 per update. UIDAI has informed that the free service will be available on the MyAadhaar portal only till June 14, 2024.

Related Stories

No stories found.
Outlook Business & Money