Money Transfer Guidelines, LPG Prices: 7 Changes Coming Into Effect From November 1

Keeping up with these changes is crucial for effective budget management and ensuring compliance with updated guidelines.

Starting November 1, a number of changes will come into effect that will affect the day-to-day lives of people across the country. These changes encompass diverse domains, especially financial regulations that include RBI's new rule for domestic money transfers (DMT). Keeping up with these changes is crucial for effective budget management and ensuring compliance with updated guidelines. These changes will also make life easier and more secure for the people of the country. So, here's a look at some of the major changes you should be aware of. 

The Reserve Bank of India (RBI) announced a new framework on Domestic Money Transfer (DMT) that will come into effect from November 1, 2024. These regulations are designed to guarantee adherence to current financial legislation and enhance the security of domestic money transfers. 

According to the RBI in a circular dated 24 July 2024 said, "There has been significant increase in the availability of banking outlets, developments in payment systems for funds transfers, and ease in fulfilling KYC requirements etc., since then; and now users have multiple digital options for funds transfer. A review was recently undertaken of various services facilitated in the current framework."