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FROM DEBIT CARD PAYMENT TO PENSION, THESE RULES TO CHANGE FROM OCTOBER| DETAILS
HERE

Sep 30, 2021 | Daily Updates, Finance | 0 |

New rules from October 2021: Several changes will come into effect from October
1, 2021, and you must keep a tab on these notable changes to avoid any confusion
or difficulty in the future. The new rules that will come in place from next
month will affect everyone’s daily lives in some way or another. From pension
rule changes to checkbooks to debit card payments, there are five rule changes
that will come in October. And under the new excise policy, the private liquor
shops will remain shut in the national capital in the month of October.

Here’s a look at what will change from 1 October 2021.

1) Pension Rule Change



Starting from October 1, 2021, the rules related to digital life certificates
are going to change. This is for anyone above the age of 80. In October,
pensioners above the age of 80 years will have the facility to submit their
digital life certificate at the Jeevan Pramaan Center of all the Head Post
Offices of the country. The deadline to carry out this task has been set as
November 30, 2021. As a result of the widespread nature of this task, the Indian
Postal Department had been asked to ensure that the ID of these Jeevan Pramaan
Centers are activated in the event that they are already closed.

2) Automatic withdrawals from debit/credit card recurring payments may fail to
start next month. Starting October 1, the Reserve Bank of India (RBI)
obligations require banks and other financial institutions to ask customers to
provide additional factor certification if their automatic withdrawal
obligations exceed Rs 5,000. I have.

Beginning October 1, 2021, under the new Additional Factor Authentication Rule,
the bank will send a notification to the customer at least 24 hours before the
automatic withdrawal payment is deducted and will only allow the withdrawal
after the customer has made the withdrawal. is needed. I confirmed it.
Pre-transaction notifications are sent via SMS, email, and more. The
notification will give the cardholder the seller’s name, transaction amount,
debit date/time, transaction / electronic delegation reference number, debit
reason, ie the electronic mandate registered by the cardholder. The cardholder
shall have the ability to opt-out of that particular transaction or electronic
delegation.



You need to make sure that the correct mobile number is linked to your
debit/credit card so that you can receive approval notifications.

3) Investments to Undergo Rule Change

The Securities and Exchange Board of India (SEBI) has brought in a rule keeping
in mind the interests of mutual fund investors. This rule will apply to junior
employees who work in Asset Under Management (AMC) ie Mutual Fund House. Junior
employees of asset under management companies will have to invest 10 percent of
their gross salary in units of that mutual fund with effect from October 1,
2021. Following the phase-wise format, in October 2023, the same will require
these employees to invest 20 percent of their salary. This investment will have
a lock-in period.

4). Private liquor shops to remain closed in Delhi: Private liquor shops will
not be allowed to operate in Delhi in October and they will remain closed till
November 16, 2021. The change has been brought under the new excise policy and
only government shops will operate during that time period. Under the new rule,
the licenses have been distributed by dividing the capital into 32 zones and
only shops that come under the new excise rule will be allowed to operate.



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