Money Rules Changes effective from 1 Oct 2023: Only a few days are left for the month of September to end. In such a situation, there are going to be big changes in many money related rules next month (Money Rules Changes from 1 Oct 2023). By October 1, 2023, SEBI has made nomination in mutual funds and demat accounts mandatory. Apart from this, the deadline for exchanging Rs 2000 notes is also ending on 30th September. In such a situation, you should know about some rules that will change from October 1.
These rules are going to change from October 1
1. Nomination is mandatory in demat and trading account
Securities and Exchange Board of India SEBI has made nomination in demat and trading accounts mandatory. Its deadline is ending on 30th September. If any account holder does not make nomination by this date, then the account will be frozen from October 1. In such a situation, you will not be able to operate demat and trading. Earlier, SEBI had fixed the deadline for nomination of demat and trading accounts as 31st March, which was later extended by another six months. If you have not added a nominee in your account, then complete this work as soon as possible.
2. Nomination in mutual fund
Apart from demat and trading accounts, nomination has been made mandatory for mutual fund investors. For this, SEBI has set the deadline of 30th September. If you do not complete the nomination process within the stipulated time limit, your account will be frozen. After this you will not be able to invest or do any kind of transaction in it.
3. Changes happening in TCS rules
If you are planning to buy a tour package abroad from next month, then there is news for you. If you buy a tour package less than Rs 7 lakh, you will have to pay 5 percent TCS. Whereas tour packages worth more than Rs 7 lakh will have to pay 20 percent TCS.
4. Deadline for exchanging Rs 2000 notes
If you have not yet exchanged Rs 2000 notes, then do this work by 30th September. The Reserve Bank has set the deadline to replace the Rs 2000 note by September 2023. Complete this work immediately to avoid any inconvenience later.
5. Birth certificate is mandatory
The government is going to make major changes in the rules of financial and government works from next month. From October 1, birth certificate will be required for all the works like admission in school, college, application for driving license, adding name in voter list, Aadhaar registration, marriage registration or government job application etc.
6. Aadhaar is necessary in savings account
Aadhaar has now become mandatory in small savings schemes. It is necessary to enter Aadhaar information in PPF, SSY, Post Office Scheme etc. If you do not do this, then immediately go to the bank or post office and get this information entered, otherwise these accounts will be frozen from October 1.
Read this also-
Get more latest business news updates