Your Money Matters: Five Personal Finance Changes Coming In October

If you have opted for small savings schemes run by the government such as Public provident fund (PPF), Senior Citizens Savings Scheme (SCSS), National Savings Certificate, it’s necessary to provide Permanent Account Number (PAN) and Aadhaar card by September 30, 2023. You account will suspend from October 1 if you fail to do so.

RBI’s deadline to exchange or deposit Rs 2000 notes to bank branches will end on September 30. There’s no update or clarity as what will happen to Rs 2000 notes from October 1.

Commencing on October 1, 2023, a set of new tax collection at source (TCS) rules will take effect, impacting a range of financial transactions, particularly those involving overseas expenses. These regulatory adjustments hold significance for individuals considering international travel, engaging in foreign stock investments, mutual funds, cryptocurrencies abroad, or pursuing higher education overseas.

SEBI made it mandatory for mutual fund or demat account holders to either furnish nomination declarations or opt out of nominations for their investments by September 30, 2023. Your mutual fund or demat account will be frozen if you forget to furnish them on time. Moreover, you can’t withdraw or redeem all debit transactions from October 1, 2023.

Beginning on October 1, 2023, the Registration of Births and Deaths (Amendment) Act, 2023 will bring significant changes to the use of birth certificates in India. This amendment allows birth certificates to function as a single document for various purposes, including admission to educational institutions, obtaining a driving license, voter list inclusion, Aadhaar number registration, marriage registration, and government job appointments. This streamlined approach aims to simplify administrative processes and provide greater convenience for individuals when dealing with essential documents and services.