From LPG Price to Debit Card Payments, Cheque books, Pension- Know Here The Major Changes Taking Effect From October 1
Several rules will be changed throughout the country, majorly concerning banking, payments, and digital transactions from October 1. As we step into the next month, it’s crucial to be aware of all these changes that surely will affect us in our day-to-day life.
Here are the major changes:
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For pensioners: Changes in digital life certificate submission rule
Digital life certificates (Jeevan Pramaan Center) are going to change for those above the age of 80.As per the new rules that will come into effect starting October 1, citizens in the 80+ age bracket will have to submit the digital life certificate or proof of life certificate to their Jeevan Pramaan Center at any Head Post Offices in India if they wish to continue to receive Pension.
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Old chequebooks, MICR Code for 3 banks to be cancelled
The old cheque books and MICR codes of the three banks – Oriental Bank of Commerce (OBC), United Bank of India and Allahabad Bank – will become invalid from October 1.These banks have been recently merged with other banks.
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Auto Debit Rules
The Reserve Bank of India (RBI) has mandated that all banks will have to carry out ‘Additional Factor Authentication’ (AFA) from next month. Under this rule, auto-debits will not occur unless they have been approved by the customer. It has made AFA (Additional Factor of Authentication) mandatory for all recurring transactions below Rs 5,000 on debit cards, credit cards, UPI, and other Prepaid Payment Instruments (PPIs), and all stakeholders are required to ensure full compliance with the framework by September 30, 2021.
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LPG prices
The price of domestic and commercial LPG gas cylinders will change from tomorrow (October 1) as it is revised each month by the state-owned oil marketing companies. Prices of LPG cylinders in all categories, including subsidised LPG, were increased by ₹25 per cylinder September 1. This was the third hike in rates within two months.
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Investment rule changes
As per a new rule brought in by the Securities and Exchange Board of India (SEBI), junior employees working in Asset Under Management (AMC) i.e. Mutual Fund House will have to invest 10 per cent of their gross salary in units of that mutual fund from October 1, 2021.