5 Key Changes Coming Into Effect On October 1, 2023: What You Need To Know

As we bid farewell to September, it’s time to prepare for the changes that October 2023 will bring. This new month ushers in several significant changes, each with a direct impact on your financial landscape. From potential fluctuations in LPG prices to shifts in taxation rules and the fate of Rs 2,000 notes, here are five noteworthy alterations that you should check out:
1. LPG Price Adjustments
Much like every month, LPG prices may undergo revisions, influencing your kitchen budget. While the government recently reduced LPG cylinder prices by a substantial Rs 200, price fluctuations are still expected on October 1, 2023. Keep an eye out for any adjustments in response to this relief. Additionally, changes in CNG-PNG and Air Turbine Fuel (ATF) prices might also be observed.
2. TCS Rules Take Effect
Commencing on October 1, 2023, the new Tax Collection at Source (TCS) rules will come into play. These regulations will impact expenses related to foreign transactions, including those in foreign stocks, mutual funds, and cryptocurrencies. Anyone travelling abroad for higher education will also be affected. Transactions exceeding Rs 7 lakh, excluding medical and educational purposes, will now incur a 20% TCS. If your transactions stay below Rs 7 lakh within a financial year, this rule won’t apply.
3. Farewell to Rs 2,000 Notes
The Reserve Bank of India (RBI) declared earlier this year, on May 19, that Rs 2,000 notes would be phased out. The deadline for depositing or exchanging these notes was set for September 30, 2023, which concludes today. Starting tomorrow, these notes will no longer be considered valid. However, the central bank may issue further updates regarding their return, as Rs 24,000 crore worth of these notes were still in circulation as of August 31, 2023.
4. Birth Certificates as Single Documents
Beginning October 1, 2023, the Birth and Death Registration (Amendment) Act, 2023 will take effect, introducing a significant change concerning birth certificates. Henceforth, a birth certificate can serve as a single document for various purposes, including school admissions, driver’s license applications, voter registration, Aadhaar number issuance, marriage registration, and government job appointments.
5. Small Saving Scheme Updates
If you’re invested in government savings schemes such as the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), or National Savings Certificate (NSC), October 2023 holds significance. Accounts that haven’t had their Aadhaar and PAN cards updated may face suspension. The government has consistently encouraged individuals to update their Aadhaar details for seamless integration with these schemes.
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