The new month of December has commenced, marking the final month of the year, while the beginning of this month has brought a mix of relief and shocks for the general public. Here's a detailed look at four significant changes that have come into effect from December 1st, directly impacting your finances and daily life.
Commercial LPG Cylinder Prices Reduced
The start of December brings a slight relief for businesses. Oil Marketing Companies (OMCs) have announced a reduction of ₹10 in the price of 19 kg commercial LPG cylinders, effective today, December 1st. This marks the second consecutive month of price cuts for commercial cylinders, following a ₹5 reduction last month. This decrease will slightly ease the operational costs for hotels, restaurants, and other commercial establishments. However, the prices of 14. 2 kg domestic LPG cylinders, used in households, remain unchanged, offering no direct relief to ordinary consumers.
Aviation Turbine Fuel (ATF) Prices Increased
While commercial LPG has become cheaper, air travelers face a setback. According to details available on Indian Oil's website, the prices of Aviation Turbine Fuel (ATF), or jet fuel, have increased from December 1st. In Delhi, the price of ATF for domestic airlines has risen by ₹5133. 75 per kilolitre compared to November, now standing at ₹99,676. 77 per kilolitre. New prices in other major cities include ₹1,02,371. 02 per kilolitre in Kolkata, ₹93,281. 04 in Mumbai, and ₹1,03,301. 80 in Chennai. This hike is likely to translate into higher air ticket prices, making air travel more expensive.
Banks to Observe Up to 17 Holidays in December
December will be a month filled with holidays for banking operations. Including the second and fourth Saturdays, along with Sundays, banks will observe a total of 17 non-working days this month, while however, it's crucial to note that according to the Reserve Bank of India's (RBI) bank holiday list, these holidays vary from state to state. This means that not all banks in every state will be closed for the entire 17 days. That's why, before heading out for any bank-related work, it's advisable to confirm whether your specific bank branch is open. The month itself begins with a holiday, but only banks in Arunachal Pradesh and Nagaland are closed today, December 1st. All banks across the country will be closed on December 25th for Christmas.
Unified Pension Scheme (UPS) Deadline Not Extended
An important change concerning government employees has also come into effect from December 1st. Government employees will no longer have the opportunity to choose between the National Pension System (NPS) and the Unified Pension Scheme (UPS). The deadline for opting for the Unified Pension Scheme (UPS) was previously extended from September 30th to November 30th, but it has now not been extended further, while this signifies that the window for government employees to make this choice has now closed. This is a crucial update for those employees who were considering opting for this scheme.
These four significant changes have been implemented from the beginning of December, directly impacting the general public and government employees. It's advisable to plan financial and travel-related activities keeping these new developments in mind.
