Changes to take place from October 1. Check Details
By: Pune Pulse
September 26, 2023
Pune: The month of September is about to end, with only a few days remaining. It is noteworthy that several regulations about financial matters will change in the upcoming month of October. This alteration will have a direct impact on the general public. Therefore, individuals must remain informed about these changes to avoid any inconvenience. The changes that will come into effect from October 1 are as follows:
It is advised that individuals possessing a Rs 2,000 note exchange it immediately, as the Reserve Bank of India (RBI) has set a deadline of September 2023 for the exchange of these notes. After this date, the notes will no longer be valid. Additionally, those intending to purchase a foreign tour package from next month will be required to pay a 5% TCS if the package costs less than Rs 7 lakh. For packages exceeding Rs 7 lakh, a 20% TCS will be levied.Â
Furthermore, SEBI has mandated nomination in demat and trading accounts, with a deadline of September 30, 2023. Failure to add a nominee by this date will result in the freezing of the account from October 1, rendering it unusable for demat and trading purposes. It is pertinent to note that SEBI had initially set the deadline for nomination of demat and trading accounts as March 31, which was later extended by six months.
Lastly, Aadhaar has been made mandatory in small savings schemes such as PPF, SSY, and post office schemes. Individuals who have not yet entered their Aadhaar information in these accounts must do so immediately at their bank or post office. Failure to comply with this requirement will result in the freezing of these accounts from October 1, 2023.
