MUST KNOWFrom Rs 2000 Notes To Birth Certificate, These 6 Big Changes Will Impact Your Financial Life From Oct 1, Check Details

 

New Delhi: You will experience many changes in your personal finance starting from October 1, 2023. The deadline for adding nominees for mutual fund folios, demat account, and trading accounts will end on 30 September 2023. New TCS rule on overseas expenses will also come into effect from next month. Moreover, September could be the last month for exchanging Rs 2,000 notes.

Check the list of changes that will impact personal finance from 1 October 2023:

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1) ADD NOMINEES FOR ALL THE EXISTING MUTUAL FUND

The last date to add nominees for all the existing mutual fund folios, including jointly-held ones, has been set as 30 September 2023, failing which the folios will be frozen for debits.

2) LATEST TCS RULES

If your overseas expenses on credit cards will exceed Rs 7 lakh, then you will be subject to a 20 per cent TCS from October 1. However, if such expenses are incurred for medical or educational purposes, then the TCS would be imposed at 5 per cent. For people who are availing loans for overseas education, a lower TCS rate of 0.5 per cent would be imposed above the Rs 7-lakh threshold.

Notably, the Centre in the Union Budget 2023-24 had hiked TCS rates to 20 per cent, from 5 per cent currently, on overseas tour packages and funds remitted under LRS (other than for education and medical purposes).

Read More: Small Saving Scheme account holders must submit PAN, Aadhaar by September 30, know who’s exempted

3) NOMINATION DEADLINE FOR DEMAT, TRADING ACCOUNTS

The deadline to nominate beneficiary for existing trading and demat account holders will end on September 30. “Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e. furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021, read with para 3 (a) of SEBI circular dated February 24, 2022, with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023,” the market regulator mentioned in a circular dated 27 March.

4) AADHAAR FOR SAVINGS ACCOUNT

Those who have invested in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post office deposits, and other small savings schemes will have to submit their Aadhaar number to the post office or bank branch by the end of this month that is September 30. If they iss this deadline, then it will result in getting their small savings investments frozen.

Read More: Can’t maintain minimum balance in a bank savings account? Use these tips to avoid penalties

5) EXCHANGE OF RS 2000 CURRENCY NOTES

If some of you still have Rs 2000 notes, then definitely deposit them in the banks by 30 September 2023. The Reserve Bank has set September 30 as the deadline for exchanging Rs 2000 notes.

6) BIRTH CERTIFICATES MANDATORY FOR GOVT JOBS

Apart from money matters, birth certificates have become a single document for Aadhaar, and govt jobs from next month. The Registration of Births and Deaths (Amendment) Act, 2023 will come into force I the country from October 1, 2023

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