From today (October 1, 2021) several rules related to your money chnage. These changes, which will affect your day-to-day financial matters range from changes to the Pension Rule to those for bank cheque books. It, is therefore, important to be aware of these latest guidelines. Here are five of them:
1) Auto Debit Facility:
With effect from October 1, your old mandates given for auto debit from your debit/credit cards become invalid as per the guidelines shared by the Reserve Bank of India. Banks have been directed by the RBI to carry out an “additional factor authentication,” which means that monthly payment for subscriptions to over-the-top (OTT) platforms, phone bill, CNG bill will not take place without your approval. Banks have to mandatorily send you a notification regarding the upcoming payments from your cards at least 24 hours ahead of the scheduled payment. Also, the payment will be effected only after obtaining your approval.
2) Cheque book rule change:
From today, old cheque books and MICR (Magnetic Character Inc Recognition) codes of three banks become invalid. These banks are Oriental Bank of Commerce, United Bank of India and Allahabad Bank. Oriental Bank and United Bank, which merged with the Punjab National Bank (PNB), informed that old cheque books and pre-existing MICR and IFS (Indian Financial System) codes will be halted if not updated yet.
3) Pension Rule change:
Pensioners, aged 80 and above, will now have the option to submit their digital life certificates at “Jeevan Pramaan Centres” of respective head post offices in the country. Worth mentioning here is that the deadline to submit life certificates is November 30. To make this process convenient for these senior citizens, the postal department has been directed to reactivate IDs of these “Jeevan Pramaan Centres” in case IDs were closed.
4) Investments Rule change:
As per the Securities and Exchange Board of India (SEBI), junior employees working in asset management companies, need to invest 10% of their gross salary in units of the mutual fund scheme managed by the company. This requirement will increase to 20% of gross salary from October 2023.
5) Closure of private liquor shops:
From today, all private liquor shops in Delhi will remain shut till November 16 because of the New Excise Policy. Only state government-run liquor outlets will continue retail sales till November 16. And after that new players who have got the license through open bidding will operate the 850 liquor shops in the national capital from November 17 onwards.
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