1 October: Today is the last day of the month of September and tomorrow from October 1, many important things will change for the people. This will have a direct impact on your daily life. With the implementation of the new rules, the way you work related to banking, stock market and salary-pension will change. Senior citizens of the age of 80 years or more will get the facility to submit the living certificate digitally to get pension. Apart from this, banks and other financial institutions will have to first get the approval of the customers for auto debit. Apart from this, the check books of three banks will become old from tomorrow. Information is being given about the important changes that will happen from October 1 tomorrow.
Important changes in pension rules
From tomorrow, pensioners of the age of 80 years or more will get the facility to submit digital life certificates. They will be able to deposit in Jeevan Pramaan Kendras of all the main post offices of the country. Life certificate is the proof of the pensioner being alive. Rest of the pensioners will be able to submit life certificate from 1-30 November.
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Checkbooks of three banks will become useless
Be careful if you have a bank account with Allahabad Bank, Oriental Bank of Commerce (OBC) and United Bank of India. Checkbook and MICR code of these three banks will be invalid from tomorrow. Allahabad Bank has been merged with Indian Bank and this merger has become effective from 1st April 2020. At the same time, OBC and United Bank of India were merged into Punjab National Bank (PNB), which has become effective from 1 April 2019.
The rule of auto debit will change
Tomorrow from October 1, the new rule of auto debit will be applicable. Under this, banks and other financial institutions will have to take approval from customers or users every time for installment or bill payment of more than Rs 5 thousand. Earlier, on a specified date, the bank or mobile wallet used to automatically deduct money from the account and its message would come to the customers.
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Demat account will become inactive if KYC is not updated
If you invest in shares then you will also have a demat account. However, if you have not updated its KYC, then update it today or else it will become inactive tomorrow. Capital markets regulator SEBI had earlier given time till 30 July 2021 for this, which was further extended to 30 September. If the demat account is inactive, you will not be able to trade in the stock market. Apart from this, if you have bought shares of any company, then it will be transferred to the demat account till its KYC is not completed.
Nominee needs to be mentioned in demat and trading account
It is mandatory to mention the nominee for all demat and trading accounts opened from tomorrow. If an investor does not want to mention the nominee at the time of opening the account, then it has to be disclosed by filling the declaration form. Apart from this, the old demat and trading account holders, who have not mentioned the nominee, have been given time till March 22, 2021 next year. If they do not want to do so then they have to fill the declaration form. Failure to do so will result in freezing of trading and demat accounts.
10% of salary invested in mutual funds
Keeping in mind the interests of mutual fund investors, SEBI has issued a new rule for personnel working in mutual fund houses, which will be effective from tomorrow. Under this rule, 10 percent of the gross salary of the junior employees of the Asset Under Management Company ie the mutual fund house will have to be invested in the mutual fund unit. This rule is being implemented in a phased manner and from October 1, 2023, this investment will increase to 20 percent.
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