Pensioners as well as others across the country are going to witness several major changes in pension and bank chequebooks rules from October 1.
Changes in these regulations will have a significant impact on the lives of people. Therefore, people should keep them updated with the new guidelines in order to avoid any difficulties.
Check five new rules to come into effect from October 1
1) Pension Rule Change
From the October 1, retired persons in the age group of 80 and above, who are availing pension will be able to furnish their digital life certificates at Jeevan Pramaan Centres of respective head post offices in the country. The deadline to complete the process is November 30. The Indian Postal Department has been directed to reactivate IDs of these Jeevan Pramaan Centres in case IDs were closed.
2) Chequebook Rule Change
The old chequebooks and MICR codes of three banks- the Oriental Bank of Commerce (OBC), United Bank of India and Allahabad Bank will become invalid from October 1. The banks had taken to Twitter to announce these changes in the backdrop of the recent mergers that they underwent. The OBC and the UBI which had merged with Punjab National Bank informed that the old chequebooks and pre-existing MICR codes and IFSC codes will be halted from October 1 if they were not updated.
3) Auto Debit Facility Rule Change
As per the new rules of the Reserve Bank of India (RBI), the facility for auto-debit from credit card/debit card will undergo some adjustments. The apex bank has specifically required that all banks do a ‘Additional Factor Authentication.' This implies that your monthly energy payments, as well as monthly auto-debit transactional subscriptions like Netflix, Amazon Prime, and others, will not be processed until you give your permission.
4) Change In Investments Rule
From October 1, 2021, junior employees of asset under management businesses will be required to invest 10% of their gross salary in units of that mutual fund as per the rules enacted by the Securities and Exchange Board of India (SEBI). This law will apply to junior workers who work for an Asset Under Management Company (AMC), often known as a Mutual Fund House. Following the phase-by-phase model, these employees will be required to invest 20 percent of their pay in October 2023. There will be a lock-in period for this investment.
5) Private Liquor Shop Closure
Private liquor outlets will remain shut from October 1 to November 16, 2021 in Delhi. Only government outlets will remain open for business during this period. From November 16, new excise policy will be rolled out by the government.