New Delhi: Starting from the Pension rule to ending on bank cheque books, a slew of changes are set to take place from the next month. Here is the list of top 5 key rules that will change from October 1. Notably, these changes are likely to impact the day-to-day lives of normal individuals.
Pension Rule Changes
From October, citizens or pensioners aged above 80 will now have the facility to submit their digital life certificate at the JeevanPramaan Centre of all the Head Post Offices. The deadline to submit to follow the task is November 30, 2021. Meanwhile, the Indian Postal Office Department needs to ensure that the IDs of these pensioners are activated during the course of action.
Cheque book Rule Changes
As per the new changes in rules and regulation, the old cheque books and MICR codes of the three banks namely the Oriental Bank of Commerce (OBC), United Bank of India, and Allahabad Bank will not be considered and will become invalid. The old cheque books will be halted and the existing MICR and IFSC code need to be renewed.
Auto Debit Facility Rule Change
The Reserve Bank Of India(RBI) has made it necessary that all the banks should carry out an Additional Factor Authentication. This new change will mean that the customer’s additional monthly utility bill for subscriptions such as Amazon Prime and Netflix will not go without the customer’s approval. The notice approval will come via SMS or E-mail.
Investments to Undergo Rule Change
The Securities and Exchange Board of India(SEBI), the regulatory body which comes under the Ministry of Finance has brought changes. The changes will be applicable to the Junior Employees who work in AMC, the Asset Under Management. The Junior Employees need to invest 10 per cent of their salary in the units of the mutual funds. Later, in 2023, the employees will be required to invest a total of 20 per cent of their gross salary. As per the investment, there will be a lock-in period.
Private Liquor Shops to Close
The private liquor stores will remain closed till November 16, 2021. Only the government stores are permitted to sell the liquor. As per the new excise policy, Deputy CM Manish Sisodia said that the process of license allotment has divided the national capital into 32 zones. Under the new excise policy, shops falling in the category are allowed to operate from November 17.
