New Rules From October 1: From Pension, Mutual Funds To Investment, Check Out All Details

Several major changes in banking and other sectors which will come into effect from next month are likely to affect the daily lives of people big way. Reports suggest that changes will be implemented in the Pension Rule, bank cheque books, investments rules and more.

From October 1, pensioners who are aged 80 and above, will have the option to submit their digital life certificates at “Jeevan Pramaan Centres” of respective head post offices in the country. To facilitate the process before the deadline, the Indian Postal Department has been directed to reactivate IDs of these “Jeevan Pramaan Centres” in case their IDs were closed.

Along with that, old cheque books and MICR (Magnetic Character Inc Recognition) code of three banks will become invalid from the starting of the next month. This will be seen in Oriental Bank of Commerce, United Bank of India and Allahabad Bank.

Auto debit facility rule will also be changed from the commencement of October. Reserve Bank of India has directed the banks to carry out an “additional factor authentication,” following which monthly payment for subscriptions to over-the-top (OTT) platforms will not take place without the subscriber’s approval.

The investments rules will also be changed. The Securities and Exchange Board of India (SEBI) announced that the junior employees working with asset management companies now need to invest 10 per cent of their gross salary in units of that mutual fund. The requirement will rise to 20 per cent of gross salary from October 2023.

Published: Diptiranjita Patra

Last updated: 29 September 2021, 03:54 PM IST