1st October Rule Change: From the first day of October, some major changes related to financial transactions and stock market are going to happen in the country. These new rules will have a direct impact on the customers. In this, there are many other rules including auto debit rules, non-working of chequebooks of three banks. If you are employed or investing money in the stock market, then it is very important for you to know these rules. Let us know which rules are going to change from October 1.
Debit/Credit card auto debit rule
Now from October 1, the rule of auto debit on your credit and debit cards is going to change. RBI’s new rule will come into effect from 1st October. RBI rules that banks or other financial institutions will have to demand additional factor authentication for transactions above Rs 5000 through debit-credit card or mobile wallet. That is, now the bank will not be able to debit money from your card without the approval of the customer.
Chequebooks of 3 banks will become useless
Check book and MICR code of 3 banks will be invalid from 1st October. These banks are Allahabad Bank, Oriental Bank of Commerce and United Bank of India. The customers of these 3 banks were asked to issue new checkbooks before 30 September.
KYC Update Deadline for Demat and Trading Account
SEBI has asked people holding demat and trading accounts to update KYC details before 30 September 2021. If you do not update KYC in your account before 30th September, then the demat account will be inactivated and the account holder will not be able to trade in the market.
Nomination is also necessary in demat and trading account
In order to open the demat and trading account, now it is also necessary to give the nomination information to the investor. If an investor does not want to give nomination, then he will have to fill a declaration form about it. If an investor does not do this, then his trading and demat account will be frozen.
These rules are necessary for those running a food business
Food safety regulator FSSAI has made it mandatory for food business operators to mention FSSAI license number or registration number on cash receipts or purchase challans. If this rule of FSSAI is not followed then it will indicate non-compliance on the part of food business and cancellation of license or registration.
life certificate will be submitted
From October 1 to November 30, 2021, pensioners who are 80 years or more will be able to submit their digital life certificates at the Jeevan Pramaan Centers of post offices in the country. Jeevan Pramaan is the proof of being alive for the pensioners. To get the pension, the pensioner has to submit this certificate every year to the bank or financial institution.
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