Government Takes Major Steps on Credit Cards, OTP Delays Possible – Know the Latest Developments

Rules related to finance and consumers in the country change almost every month, and December, the last month of 2024, is no exception. This month, significant changes are being implemented, ranging from phone messaging to credit card usage. These changes are expected to have a direct impact on the lives of common people.

To address the growing issue of fake calls and messages, the Telecom Regulatory Authority of India (TRAI) has introduced new regulations effective from December 1. Under these rules, telecom companies are required to ensure mandatory message traceability. However, reports suggest that these new measures might cause delays in the delivery of One-Time Passwords (OTPs) to consumers.

OTP Delivery May Be Delayed for Consumers

There may be a delay in OTPs reaching consumers, especially those related to online shopping or transactions. However, TRAI has clarified that the implementation of the new rules will not affect the delivery of messages to consumers.

Reward Points Unavailable on Gaming-Linked Credit Cards

Starting December 1, several banks are changing the rules regarding credit cards. The biggest change is with SBI credit cards. According to SBI Cards’ website, reward points will no longer be available on credit cards linked to digital gaming platforms or merchants starting December 1. Additionally, Yes Bank has announced a reduction in the reward points that can be redeemed for hotels and flights. HDFC Bank Regalia credit card users will also need to spend Rs 1 lakh every quarter to be eligible for lounge access from December 1.

Last Month to File ITR

December is the last month for individual taxpayers to file their Income Tax Returns (ITR). Taxpayers who have not yet filed for the financial year 2023-24 can do so by December 31, 2024, with a late fee. Those earning more than Rs 5 lakh will need to pay a late fee of Rs 5,000, while those with income below this threshold will pay a late fee of Rs 1,000.

Free Aadhaar Changes Until December 14

If you wish to make any changes to your Aadhaar, this work will be free until December 14. After this date, a fee will be required for making changes to Aadhaar, with the cost varying based on the type of change.