Financial Rules Changing From 1 Oct 2023: The month of September is now going to end after 3 days. As soon as September ends, the month of October has started. People’s faces light up on hearing the name of the month of October, this is because the festival starts from this month, which ends only after Chhath Puja. With the beginning of October, many important financial rules and regulations will come into force. There are going to be changes in many rules from October 1, which can have a direct impact on the pockets of the general public. In these important changes, changes will be seen in many rules related to credit, debit card, special FD.
If reports are to be believed, the Reserve Bank of India (RBI) may bring a new rule regarding exchange of Rs 2,000 notes. At present, the last date for depositing or exchanging Rs 2,000 notes is September 30. That means you have only 2 days left to exchange or deposit the note.
There will be some important changes in the rules of credit and debit cards
Changes may be seen in the rules related to credit and debit cards from October 1, 2023. While purchasing new credit and debit cards from the month of October, users will have the flexibility to choose the network provider of their card.
Changes in TCS rules
The Finance Ministry has said that the new rule of TCS will be implemented from October 1, 2023. If you spend more money than the prescribed limit on foreign travel in a financial year, you will now have to pay TCS. Apart from this, if you invest more in foreign equity, mutual funds, cryptocurrency, then you will have to pay TCS. If you spend more than Rs 7 lakh on traveling abroad, you will have to pay TCS up to 20 percent.
Small savings schemes will be closed
Investors who have invested their money in small savings schemes like SCSS, PPF, National Savings Certificate and others will have to mandatorily submit their Permanent Account Number (PAN) and Aadhaar card documents by September 30, 2023. Otherwise, their accounts will be suspended from October 1 until the documents are provided. According to the notification issued on March 31, 2023, small savings customers will have to submit their Aadhaar number and PAN number in post offices or banks by September 30, 2023. Accounts will be frozen and deactivated from October 1, 2023.
RBI update on Rs 2,000 note
The Reserve Bank of India had fixed September 30, 2023 as the last date for depositing or exchanging Rs 2,000 notes. The notes will be accepted in banks up to the prescribed limit. After that the bank can decide not to accept the notes. It is expected that the Central Bank may announce some new rules regarding the use of Rs 2,000 notes.
Indian Bank’s special FD deadline
Indian Bank had introduced ‘Ind Super 400’ and ‘Ind Supreme 300 days’ special FD for its customers, now the bank has extended the deadline till October 31, 2023.
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