Come October 1, there are several changes that will come into effect in view of the arrival of a new calendar month. In just five days, there are several notable changes that you must keep an eye on in order to avoid any unnecessary hurdles and prepare better. In rules change Will affect every person in some form, shape or form in his daily life. From change in pension rules to change bank Cheque BookHere are five rule changes to keep track of over the next month.
1) Pension Rule Changes
There is going to be a change in the rules related to Digital Life Certificate from 1 October 2021. This is for anyone over the age of 80. In October, pensioners above 80 years of age will have the facility to submit their digital life certificate at Jeevan Pramaan Kendras of all Head Post Offices in the country. The deadline for doing this work has been set as November 30, 2021. As a result of the extensive nature of this task, the Indian Postal Department was asked to ensure that the IDs of these Jeevan Pramaan Kendras are activated in the event. They are already closed.
2) Checkbook Rule Changes
The old check book and MICR code of all the three banks will become invalid from the next calendar month. Namely, Oriental Bank of Commerce (OBC), United Bank of India and Allahabad Bank. Banks took to Twitter to announce these changes after the recent merger. Oriental Bank of Commerce (OBC) and United Bank of India, which were merged with Punjab National Bank, announced through the official Twitter account of Punjab National Bank that they will replace old checkbooks and pre-existing MICR codes and IFSC codes in October. I will close It had not been updated by that time. Therefore, it is important that you get these things renewed at your respective bank branches if you are a customer of these lenders.
3) Auto Debit Facility Rule Change
As per the recent order of Reserve Bank of India (RBI), there will be some changes in the facility of auto-debit from your credit card/debit card. Notably, the apex bank has mandated that all banks do an ‘Additional Factor Authentication’. This means that your monthly utility bills or monthly auto-debit transactional subscriptions like Netflix, Amazon Prime etc. will not be due without your approval. 24 hours prior to payment, the concerned bank will send an intimation of its completion to the customers, once you approve and authenticate the transaction, the money will be debited from the account. This notice can come in the form of SMS or e-mail.
4) Investments to undergo rule changes
The Securities and Exchange Board of India (SEBI) has brought a regulation keeping in mind the interests of mutual fund investors. This rule will be applicable to those junior employees who work in Asset Under Management (AMC) i.e. Mutual Fund House. The junior employees of the asset under management companies will have to invest 10 per cent of their gross salary in units of that mutual fund with effect from October 1, 2021. In October 2023, these employees will be required to invest 20 per cent of their salaries, following a phase-wise format. This investment will have a lock-in period.
5) Private liquor shops to be closed
From next month, private liquor shops will remain closed till 16 November 2021. Till that time only government stores will sell. Deputy CM Manish Sisodia said that under the new excise policy, the process of allotment of licenses has been done by dividing the capital into 32 zones. Under the change in this rule, from November 17, only shops coming under the new policy will be allowed to operate.
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