With the start of a new month, several new rules will take effect on October 1st. In some way, shape or form, these regulatory changes will affect everyone's daily life.
Starting next month, here are five major changes to keep an eye on to avoid any unwelcome surprises and be well-prepared.
Pension Rule change
From the beginning of next month, the laws regulating digital life certificates will change.
Pensioners aged 80 and above will be able to submit their digital life certificates at “Jeevan Pramaan Centres” of respective head post offices across the country from October
1. To make this process easier, the Indian Postal Department has been ordered to reactivate IDs of these "Jeevan Pramaan Centres" in case IDs were closed before the deadline of November 30.
Cheque book Rule change
Old cheque books and MICR (Magnetic Character Inc Recognition) code of three banks- Oriental Bank of Commerce, United Bank of India and Allahabad Bank- will become invalid on the first
day of next month.
Old cheque books and pre-existing MICR and IFS (Indian Financial System) codes will be blocked if not updated, according to Oriental Bank and United Bank, which merged with the Punjab
National Bank (PNB).
Also Read: Digital health ID: 10 FAQs you need to know the answer to
Auto Debit Facility Rule change
Changes to auto-debit facilities from debit/credit cards will also take effect on October 1, as ordered by the Reserve Bank of India (RBI).
The RBI has ordered banks to implement "additional factor authentication," which means that monthly payments for OTT platform subscriptions would not be made without the subscriber's
consent. This notification will be provided to the subscriber 24 hours before the payment, and payment will only take place after proper approval.
Investments Rule Change
The Securities and Exchange Board of India (SEBI) has declared that junior employees working in assets under management must invest 10% of their gross salary in mutual fund units. The
requirement will increase to 20% of gross salary starting in October 2023.
Closure of private liquor shops
Under the current excise policy of the Union territory administration, no private liquor shops would be allowed to open in Delhi till November 16. During this time, only government-run
liquor stores will be open.