6 key changes from October


Today is the last day of September. With tomorrow October 1, 2021, several changes should come into play from Friday. These rule changes are best kept in mind over the next calendar month, as they affect us all in one way or another in everyday life. From a pension rule change to modified GPL prices, here are the six changes to watch out for, over the next calendar month.

1) Pension rule: Submit digital life certificate

As of October 1, 2021, the rules related to the digital life certificate for retirees will change. For anyone over the age of 80, the rule states that they will need to submit the Digital Life Certificate or Proof of Life Certificate to their Jeevan Pramaan Center at any main post office in India in order to continue to receive a pension. Citizens were also given a deadline of November 30, 2021. Due to the scale of this endeavor, India’s Postal Service has also been asked to ensure that the IDs of these Jeevan Pramaan centers are activated for a more efficient process. fluid.

2) Change of checkbook rule

From October, the old check books and MICR codes of the three banks will become invalid. Namely, the Oriental Bank of Commerce (OBC), United Bank of India and Allahabad Bank. In a series of tweets, it was revealed that all three banks were undertaking this change, Allahabad Bank posted a tweet from its official Twitter account, while the OBC and United Bank of India changes were tweeted from of the official account of the Punjab National Bank in light of the merger that occurred. The notifications informed that lenders would stop the old checkbooks and that the pre-existing MICR and IFSC codes would arrive in October if they were not updated at that time. It is important that you renew these items with your respective bank branches if you are a customer.

3) Automatic debit facility: additional factor authentication

Pursuant to a money order issued by the Reserve Bank of India (RBI), the automatic debit facility of your credit / debit card will undergo some changes from the following calendar month. All banks will need to perform “Additional Factor Authentication” (AFA), which means that monthly invoices and automatically paid invoices will now need to be verified by the customer and approved 24 hours before the transaction. This notification will be sent to you by SMS or email and it is only once confirmed that the payment will be deducted from your account.

4) Changes to investment rules

The Securities and Exchange Board of India (SEBI) had introduced a new rule to better secure the interests of mutual fund investors. This rule will apply to junior employees who work in Asset Under Management (AMC), i.e. Mutual Fund House. Junior employees of asset management companies will be required to invest 10% of their gross salary in units of this mutual fund as of October 1, 2021. As this is a gradual change in place, in October 2023 , these employees must invest 20 percent of their salary.

5) LPG price

Like every month, the price of LPG gas cylinders will change once they have undergone their monthly review by the public oil companies. If the recent trend was any indication, it could mean that customers could see another increase in cooking gas cylinders from October 1. However, this is not confirmed and only time will tell what the change really means for tariffs. New prices for domestic LPG and commercial cylinders are set monthly.

6) Private liquor stores

From October 2021, private liquor stores will close until November 16, 2021. Government stores will however be operational. CM Manish Sisodia MP said that under the new excise policy, the licensing process was carried out by dividing the capital into 32 zones. Only stores that fall under the new policy will be allowed to operate from November 17.

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