From LPG price to new excise policy, these are major changes taking effect from October 1
- As we step into the next month, it's crucial to be aware of all these changes that surely will affect us in our day-to-day life.
With the month of October right around the corner, many changes in pension rules, auto debit policy, LPG prices among other things are expected to come into effect on the first day of the month. As we step into the next month, it's crucial to be aware of all these changes that surely will affect us in our day-to-day life.
1) For pensioners: Changes in digital life certificate submission rule
As per the new rules that will come into effect starting October 1, citizens in the 80+ age bracket will have to submit the digital life certificate or proof of life certificate to their Jeevan Pramaan Center at any Head Post Offices in India if they wish to continue to receive Pension.
Further, according to details provided by the Department of Pension and Pensioners’ Welfare, the deadline of November 30, 2021, has been given to submit the aforesaid certificate.
2) Cheque book rule changes in 3 banks
The old cheque books and MICR codes of the three banks - Oriental Bank of Commerce (OBC), United Bank of India and Allahabad Bank - will become invalid from October 1.
As informed by these banks in their respective tweets, the lenders said old cheque books and pre-existing MICR codes and IFSC codes will become invalid if they have not been updated by that time. In case you happen to be a customer at one of these banks, get things renewed at the nearest branch before the stipulated date.
3) Auto debit facility: Additional factor authentication
The Reserve Bank of India (RBI) has mandated that all banks will have to carry out ‘Additional Factor Authentication’ (AFA) from next month. What this means is that monthly bills as well as auto-paid bills will now have to be verified by the customer and approved before the transaction takes place.
A notification for the same will be sent to the customers via SMS or E-mail. Once verified, the payment will be deducted from your account.
4) Investment rule changes
As per a new rule brought in by the Securities and Exchange Board of India (SEBI), junior employees working in Asset Under Management (AMC) i.e. Mutual Fund House will have to invest 10 per cent of their gross salary in units of that mutual fund from October 1, 2021. Since changes will take place phase-wise, the aforementioned employees will have to invest 20 per cent of their salary from October 2023.
5) LPG prices
LPG prices are revised every month. Customers can expect another hike in their cooking gas cylinders from October 1. While this is not certain, we need to wait before the new prices of domestic LPG and commercial cylinders are out.
Prices of LPG cylinders in all categories, including subsidised LPG, were increased by ₹25 per cylinder September 1. This was the third hike in rates within two months.
6) Liquor shops
Living in Delhi? As per new excise policy, private-run liquor vends in Delhi will shut down from October 1 till November 16, 2021. Although government-run stores will remain operational.
Under the new excise policy, around 260 privately-run liquor vends in the city will close down from Friday. Of the total around 850 liquor shops in Delhi, only those operated by Delhi government agencies will continue retail sale till November 16.
New players who have got licences through open bidding will enter the market and operate the 850 vends from November 17.