New rules from October 2021: Several changes will come into effect from October 1, 2021, and you must keep a tab on these notable changes to avoid any confusion or difficulty in the future. The new rules that will come in place from next month will affect everyone’s daily lives in some way or another. From pension rule changes to checkbooks to debit card payments, there are five rule changes that will come in October. And under the new excise policy, the private liquor shops will remain shut in the national capital in the month of October.
Here’s a look at what will change from 1 October 2021.
1) Pension Rule Change
Starting from October 1, 2021, the rules related to digital life certificates are going to change. This is for anyone above the age of 80. In October, pensioners above the age of 80 years will have the facility to submit their digital life certificate at the Jeevan Pramaan Center of all the Head Post Offices of the country. The deadline to carry out this task has been set as November 30, 2021. As a result of the widespread nature of this task, the Indian Postal Department had been asked to ensure that the ID of these Jeevan Pramaan Centers are activated in the event that they are already closed.
2) Automatic withdrawals from debit/credit card recurring payments may fail to start next month. Starting October 1, the Reserve Bank of India (RBI) obligations require banks and other financial institutions to ask customers to provide additional factor certification if their automatic withdrawal obligations exceed Rs 5,000. I have.
Beginning October 1, 2021, under the new Additional Factor Authentication Rule, the bank will send a notification to the customer at least 24 hours before the automatic withdrawal payment is deducted and will only allow the withdrawal after the customer has made the withdrawal. is needed. I confirmed it. Pre-transaction notifications are sent via SMS, email, and more. The notification will give the cardholder the seller’s name, transaction amount, debit date/time, transaction / electronic delegation reference number, debit reason, ie the electronic mandate registered by the cardholder. The cardholder shall have the ability to opt-out of that particular transaction or electronic delegation.
You need to make sure that the correct mobile number is linked to your debit/credit card so that you can receive approval notifications.
3) Investments to Undergo Rule Change
The Securities and Exchange Board of India (SEBI) has brought in a rule keeping in mind the interests of mutual fund investors. This rule will apply to junior employees who work in Asset Under Management (AMC) ie Mutual Fund House. Junior employees of asset under management companies will have to invest 10 percent of their gross salary in units of that mutual fund with effect from October 1, 2021. Following the phase-wise format, in October 2023, the same will require these employees to invest 20 percent of their salary. This investment will have a lock-in period.
4). Private liquor shops to remain closed in Delhi: Private liquor shops will not be allowed to operate in Delhi in October and they will remain closed till November 16, 2021. The change has been brought under the new excise policy and only government shops will operate during that time period. Under the new rule, the licenses have been distributed by dividing the capital into 32 zones and only shops that come under the new excise rule will be allowed to operate.