New Delhi: As we bid adieu to September and gear up for October, it’s crucial to be aware of the impending rule changes set to take effect from the very first day of the new month, i.e., October 1st. These modifications are set to directly impact the general populace and their finances.
Complete these tasks before September ends
With just 5 days left in September, there are several tasks that must be completed by September 30th to avoid potential difficulties. Failing to do so could lead to various inconveniences. Let’s delve into what changes October 1st will usher in.
Rs 2000 Note: Act before October 1
If you happen to possess Rs 2000 notes that you haven’t yet exchanged, ensure that you address this matter by September 30th. The reason? September 30, 2023, marks the final date for exchanging Rs 2000 notes. After this deadline, Rs 2000 notes will cease to be valid, rendering them worthless.
Aadhaar linking: A necessity for savings schemes
Linking your bank account and small savings schemes with Aadhaar is imperative. As of September 30th, PPF, Sukanya Samriddhi Yojana (SSY), and Post Office Schemes must be linked to Aadhaar. Failure to comply with this requirement could result in the freezing of such accounts starting October 1, 2023, thereby hindering any transactions or investments.
Nomination becomes compulsory
SEBI has mandated the nomination process for Demat Accounts, Trading Accounts, and Mutual Fund investors by September 30th. Failure to nominate by this deadline will result in the freezing of the respective accounts from October 1st.
Certificates become essential
October 1st brings a significant alteration in government work regulations. Starting from this date, certificates will be mandatory for various processes, including school and college admissions, government job applications, Aadhaar registration, marriage registration, driving license applications and voter list inclusion, among others.
Prepare for costlier foreign tours
In addition to the domestic changes, foreign tour packages are set to become more expensive next month. Beginning October 1st, a 5 percent Tax Collected at Source (TCS) will apply to foreign tour packages priced below Rs 7 lakh. For tour packages exceeding Rs 7 lakh, a 20 percent TCS will be levied.
Stay informed and take timely action to navigate these rule changes effectively, safeguarding your financial interests and ensuring a smooth transition into October.