September brings financial changes: Aadhaar update deadline, last chance to exchange Rs 2,000 notes, PAN-Aadhaar link for savings, and SEBI's nomination deadline for accounts.
4 Financial changes coming into effect from September; know here
Today marks the beginning of September, and in the financial sector, several significant changes are set to occur.
Some of these changes will come into effect from today while others will come into play later in the month.
Here are four major developments that could have a significant impact on people in the finance industry:
1. The first change involves the deadline for updating details in Aadhaar cards for free, which is ending this month. This scheme was initiated for citizens who obtained their Aadhaar cards ten years ago and have not updated their information.
2. The second change allows people one last opportunity to exchange their Rs 2,000 notes. The exchange window remains open until September 30, 2023, as announced by the Reserve Bank of India (RBI) in May.
3. The third change, implemented at the beginning of the current financial year, requires individuals to link their Permanent Account Number (PAN) and Aadhaar card for investing in small saving schemes like Public Provident Fund (PPF), Post Office Saving Scheme, and Senior Citizens Saving Scheme (SCSS). Existing subscribers must submit their Aadhaar numbers by September 30; otherwise, their accounts will be frozen.
4. Lastly, there is a deadline to remember for those who hold trading and demat accounts.
The Securities and Exchange Board of India (SEBI) extended the time for account holders to nominate or opt out of nominations in March this year. The new deadline for this is September 30th.