From October 1, several new rules will come into effect. These rules, which will affect daily lives of people, range from changes to the Pension Rule to those for bank cheque books.
Below are the five guidelines to be noticed:
◦ Pension Rule change: Starting October 1, pensioners, who are aged 80 and above, will have the option to submit their digital life certificates at “Jeevan Pramaan Centres” of respective head post offices in the country. To make this process more convenient, the deadline to complete which is November 30, the Indian Postal Department has been directed to reactivate IDs of these “Jeevan Pramaan Centres” in case IDs were closed.
◦ Cheque book Rule change: The first day of next month will see old cheque books and MICR (Magnetic Character Inc Recognition) code of three bans become invalid. These 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.
◦ Auto Debit Facility Rule change: Also from October 1, as mandated by the Reserve Bank of India (RBI), changes will be made to auto-debit facilities from debit/credit cards. 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 will not take place without the subscriber’s approval. The notification in this regard will be sent to the subscriber 24 hours ahead of the payment, and take place only after due approval.
◦ Investments Rule change: As announced by the Securities and Exchange Board of India (SEBI), junior employees working in asset under management, need to invest 10 per cent of their gross salary in units of that mutual fund. From October 2023, the requirement will rise to 20 per cent of gross salary.
◦ Closure of private liquor shops: In Delhi, no private liquor shop will be allowed to open till November 16, as mandated under the new excise policy of the Union territory government. Only government liquor shops will operate during this period.