Pension Rules, Auto-debit, Cheque Book: Check out the 5 changes from October

Pension Rules, Auto-debit, Cheque Book: Check out the 5 changes from October

With the beginning of a new calendar month on October 1, a number of changes will take effect. There have been some major changes in only five days that you should keep an eye on to avoid any unwanted obstacles and to be readily prepared.

These regulation changes will have an impact on everyone’s daily lives in some way, shape, or form. Here are five changes to keep an eye on starting next month, ranging from changes to pension rules to changes to bank chequebooks.

1) Pension Rule Change

The laws governing digital life certificates will change from October 1, 2021. Anyone above the age of 80 is eligible. In October, retirees over the age of 80 will be able to submit their digital life certificate at any of the country’s Head Post Offices’ Jeevan Pramaan Centers. This task’s completion date has been scheduled for November 30, 2021. The Indian Postal Department has been requested to guarantee that the ID of these Jeevan Pramaan Centers is active even though they are already closed due to the extensive nature of this assignment.

2) Chequebook Rule Change

The old chequebooks and MICR codes of the three banks will become invalid at the beginning of the next calendar month. The Oriental Bank of Commerce (OBC), United Bank of India, and Allahabad Bank are the three banks in question. The banks used Twitter to announce the changes, which came as a result of their recent mergers. Through the official Twitter account of Punjab National Bank, Oriental Bank of Commerce (OBC) and United Bank of India, which had merged with Punjab National Bank, declared that if old chequebooks and pre-existing MICR codes and IFSC codes were not updated by October, they would be halted.

3) Auto Debit Facility Rule Change

The Reserve Bank of India (RBI) recently mandated that the facility for auto-debit from your credit card/debit card undergo some adjustments. The apex bank has specifically required that all banks do a ‘Additional Factor Authentication.’ This implies that your monthly energy payments, as well as monthly auto-debit transactional subscriptions like Netflix, Amazon Prime, and others, will not be processed until you give your permission. The relevant bank will send clients a notification 24 hours before the payment, and if you authorise and authenticate the transaction, the money will be debited from your account. This notification can be sent via SMS or email.

4) Investments to Undergo Rule Change

The Securities and Exchange Board of India (SEBI) has enacted a rule that protects mutual fund investors’ interests. This law will apply to junior workers who work for an Asset Under Management Company (AMC), often known as a Mutual Fund House. With effect from October 1, 2021, junior employees of asset under management businesses will be required to invest 10% of their gross salary in units of that mutual fund. Following the phase-by-phase model, these employees will be required to invest 20% of their pay in October 2023. There will be a lock-in period for this investment.

5) Private Liquor Shops to Close

Private liquor outlets will close beginning next month and will remain closed until November 16, 2021. Until then, only government stores will be open for business. According to Deputy Chief Minister Manish Sisodia, the new excise policy divides the capital into 32 zones for the purpose of allotment of licences. From November 17 onwards, only shops that fall under the new policy will be able to operate, according to the new guideline.