New Delhi, October 31 (HS): From Friday, November 1, there are going to be major changes in many rules related to message traceability and money transfer. These changes will be made from credit card to money transfer and UPI Lite, which will affect the common people in the country.

Two major changes are going to happen on the Unified Payments Interface (UPI) Lite platform from tomorrow. Due to these changes, people using UPI Lite will be able to make more payments than before, because the Reserve Bank of India has increased its transaction limit. Similarly, under the second change, the auto topup feature will start in place of manual topup from November 1. In this case, if the user's UPI Lite balance goes below the set limit, money will be added from the new auto topup feature. In this way, payment can be made without stopping with the help of UPI Lite.

Similarly, the new rules made by the Reserve Bank of India for money transfer at the domestic level will also come into effect from tomorrow. With the help of these rules, misuse of banking channels for fraud can be stopped. From tomorrow, the new insider trading rules of mutual funds will also come into effect. According to these new rules, it has been made mandatory to give information about transactions of more than ₹15 lakh done by the people nominated in the fund of asset management companies and their close relatives.

State Bank of India has also updated the finance charge on all its unsecured credit cards. Now from November 1, finance charge will be taken on unsecured credit cards at the rate of 3.75 percent on a monthly basis. However, this finance charge will not be applicable to certain categories like defence.

One of the major changes that are going to happen in the rules from November 1 is also of message traceability. Under the message traceability rule, telecom companies will identify fake or suspicious numbers at their level and block them, so that messages cannot be delivered to users through such suspicious numbers. The central government has issued an order directing all telecom companies of the country to track and block spam messages by implementing message tracking. This rule will also come into effect from tomorrow i.e. 1st November.

Hindusthan Samachar / Indrani Sarkar