Several significant changes will take effect from August 1, impacting various aspects of everyday life. From new FASTag regulations to revised credit card fees, here’s a rundown of the key updates to be aware of:
FASTag Rules
The government has announced new FASTag rules that will come into effect on August 1. These rules aim to enhance the effectiveness and security of the electronic toll collection system. Here’s a breakdown of the key changes:
*
Replacement of Older FASTags:
Users are required to replace FASTags that are older than 5 years. This measure aims to ensure the optimal functioning of the system.*
KYC Updates:
Know Your Customer (KYC) details must be updated by October 31. This requirement applies to FASTags that were issued 3 years ago.*
New Vehicle Registration:
All new vehicles must be registered with an updated FASTag within 90 days of purchase. This ensures that all vehicles on the road are equipped with the latest FASTag technology.*
Linking Vehicle Details:
The registration number and chassis number of the vehicle must be mandatorily linked with the FASTag. This helps streamline the toll collection process and enhances security.In addition to these rules, the revised regulations also mandate the verification of databases, the uploading of clear photos of the car’s front side, and the linking of FASTags to a mobile number.
HDFC Credit Card Rules
HDFC Bank has announced revised terms and conditions for its credit card holders, effective August 1. These changes primarily concern transaction fees. The bank will now charge a 1% fee on all rental transactions made through third-party payment apps like PayTM, CRED, MobiKwik, and Cheq.
The bank has also revised fees for other transactions including utility payments, fuel purchases, education expenses, and international transactions. Additionally, late payment charges, fees on redeeming rewards, finance charges on outstanding fees, and EMI processing fees have been revised.
IPO Announcements
Two companies are set to launch their Initial Public Offerings (IPOs) starting on August 1. These IPOs are expected to garner significant interest from investors.
*
Ola Electric IPO:
The Ola Electric IPO will be open for subscriptions from August 1 to 6. The anchor offer will open on August 1, followed by the public offer on August 2. This IPO aims to raise approximately $740 million, marking a significant milestone for the Indian electric vehicle sector.*
Ceigall India IPO:
The subscription period for the Ceigall India IPO is scheduled to begin on August 1 and conclude on August 5. The price band for the offering has been set at ₹ 380 to ₹ 401 for each equity share with a face value of ₹ 5. The allocation to anchor investors for the Ceigall India IPO is also planned for August 1.Common Admission Test (CAT) Registration
The registration for the Common Admission Test (CAT) will begin on August 1 at 10 am. The Indian Institute of Management (IIM)-Calcutta has released the notification for online registration of CAT 2024. Aspirants can apply to various postgraduate and Fellow/Doctorate programs of the IIMs through the official website of IIM CAT, iimcat.ac.in.
