Rule Changes Starting October 1st
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Shocking Rule Changes Starting October 1st! How They Will Impact Your Wallet!

As we bid farewell to September, it’s essential to brace ourselves for the changes that lie ahead starting from October 1st. These changes will have a direct impact on your finances and daily life. Staying informed is the key to avoiding any potential setbacks. In this article, we will discuss ten significant rule changes, ranging from ATM cards to foreign tours, and how they will affect your pocket.

New TCS Rule: Increased Expenses for Foreign Travel

Starting October 1st, the Finance Ministry has raised the Tax Collected at Source (TCS) rate from 5 percent to 20 percent. This means that if you plan to go on a holiday abroad, invest in foreign shares, or mutual funds, you will need to allocate more funds upfront. However, it’s important to note that these increased rates will apply only to expenses.

Freedom to Choose Card Network

Banks will no longer dictate the type of debit and credit cards you can have. You will now have the freedom to choose between RuPay, Visa, or MasterCard, based on your preference. The Reserve Bank of India (RBI) has proposed that card-issuing banks and non-banking entities should offer customers the option to select their preferred card network. This puts the decision back in the hands of the consumer.

New Payment Rules for Credit and Debit Cards

Effective October 1st, credit card and debit card users will need to adhere to new payment rules set by the Reserve Bank of India. The CoF Card Tokenisation rule will come into effect, promising enhanced security and improved payment experiences for cardholders. Additionally, these changes may also bring about reduced charges for users.

Digital Birth Certificates: A Game Changer

October 1st marks the introduction of digital birth certificates by the government. This innovation will eliminate the need for multiple documents, streamlining various processes. A birth certificate will become the primary document for school and college admissions, obtaining a driver’s license, voter registration, Aadhaar enrollment, marriage registration, and government job applications. Essentially, it will replace many functions previously facilitated by Aadhaar.

SBI WeCare Scheme Deadline: Closing Chapter

September 30th marks the deadline for senior citizens to invest in SBI’s WeCare scheme. After this date, this facility will no longer be available. If you’ve been considering this option, make sure to act promptly.

New Payment Rules for Credit and Debit Cards

Effective October 1st, credit card and debit card users will need to adhere to new payment rules set by the Reserve Bank of India. The CoF Card Tokenisation rule will come into effect, promising enhanced security and improved payment experiences for cardholders. Additionally, these changes may also bring about reduced charges for users.

LIC Revival Campaign: Breathe Life Back into Your Policy

If your LIC policy has lapsed, you have a chance to revive it. LIC has launched a Special Revival Campaign, which began on September 1st and will run until October 31, 2023. This campaign provides policyholders with an opportunity to renew their lapsed policies.

Deadline Extension for Adding Nominee

Market regulator SEBI has extended the deadline for adding nominees to demat accounts by three months, now expiring on December 31st. Previously, the deadline was set for September 30th. This extension provides demat account holders with more time to ensure their accounts are in compliance with SEBI regulations.

Possible Decrease in LPG Prices

Reports suggest that LPG prices may witness a reduction, primarily driven by upcoming elections in five states. Additionally, the continuous drop in crude oil prices is a contributing factor. This anticipated reduction may not only affect domestic LPG cylinders but could also lead to significant decreases in petrol and diesel prices, providing some relief at the pump.

In conclusion, as we usher in October, it’s crucial to stay informed about these rule changes to navigate the evolving financial landscape effectively. Be proactive in adapting to these adjustments, and you’ll be better prepared to manage your finances and make informed decisions.

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