Six Major Money Rule changing from October 1 including Mutual Funds to Savings Accounts

Money Rules Changing on October 1, 2023: As September is almost over, there will be important changes in money-related rules next month (Money Rules Changes from October 1, 2023).

Starting from October 1, 2023, SEBI has made it necessary to have a nominee in mutual funds and demat accounts.

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Additionally, the deadline for exchanging Rs 2000 notes is also coming to an end on September 30th.

It’s important to be aware of these rules that will change from October 1.

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These rules will be change from on October 1

1. You Must Choose a Nominee for Your Demat and Trading Account

The Securities and Exchange Board of India (SEBI) has made it necessary for people to choose a nominee for their demat and trading accounts.

The deadline for this requirement is September 30th. If you don’t select a nominee by this date, your account will be frozen starting from October 1.

This means you won’t be able to use your demat and trading accounts.

Initially, SEBI had set the deadline for nominating demat and trading accounts as March 31st, but it was extended for an additional six months.

If you haven’t picked a nominee yet, please do so as soon as you can.

2. Nomination in mutual fund 

In addition to demat and trading accounts, you must also pick a nominee if you’re investing in mutual funds.

SEBI has given until September 30th as the deadline for this requirement.

If you don’t complete the nomination process by this date, your account will be frozen.

This means you won’t be able to invest or carry out any transactions in it after that.

3. New Rules for Buying Tour Packages

If you want to purchase a travel package to go abroad starting next month, there’s important information for you.

If your tour package costs less than Rs 7 lakh, you’ll need to pay 5 percent TCS (Tax Collected at Source).

But for tour packages that cost more than Rs 7 lakh, you’ll have to pay 20 percent TCS.

4. Last Date to Change Rs 2000 Notes

If you haven’t exchanged your Rs 2000 notes yet, please make sure to do it by September 30th.

The Reserve Bank has set this date as the deadline for replacing Rs 2000 notes, and it’s important to complete this task as soon as possible to prevent any problems in the future.

5. Birth certificate is mandatory

Starting from next month, the government is making significant changes in financial and government procedures.

From October 1, you will need a birth certificate for various important tasks such as enrolling in school or college, applying for a driver’s license, getting your name on the voter list, registering for Aadhaar, getting married officially, or applying for a government job.

6. Aadhaar Required for Savings Account

Now, you must have an Aadhaar for small savings schemes like PPF, SSY, and Post Office Savings.

You need to provide your Aadhaar details for these accounts.

If you haven’t done this yet, visit your bank or the post office and update this information. If not, your accounts will be frozen starting from October 1.

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