Top 5 personal finance changes in October: From withdrawing Rs 2000 notes to New TCS rules, checkout the list here

Top 5 personal finance changes in October: As almost every month sees some financial changes in our country this October many financial changes are coming. These changes, which range from the new tax collection at source (TCS) regulations to birth certificates becoming a single document for Aadhaar and government jobs, are anticipated to have a significant effect on the lives of millions of people throughout the nation. Let's checkout the top 5 personal finance changes in October.

Last day to withdrawn Rs 2000 banknotes

Although the notes would continue to be recognised as legal money after that date, the Reserve Bank of India (RBI) had declared that September 30, 2023, is the final day to exchange or deposit the withdrawn Rs 2000 banknotes. The RBI stated that it will base the future status of the notes on the quantity returned to/deposited in banks when it announced the withdrawal.

Registration of Births and Deaths Act

Beginning on October 1, 2023, the Registration of Births and Deaths (Amendment) Act, 2023 will go into effect nationwide, allowing the use of a birth certificate as a single document for admission to a school, issuance of a driver's licence, preparation of a voter list, Aadhaar number, marriage registration, or appointment to a government position.

Government will freeze Small savings schemes

By September 30, 2023, individuals who have chosen to invest in minor savings programmes like the Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), and National Savings Certificate must submit their PAN and Aadhaar card documentation. According to the government's letter, if this is not done, the accounts risk being suspended starting on October 1 until the required paperwork are submitted.

Mutual Fund (MF) folios accounts risk

All holders of demat and mutual fund accounts are required by the Securities and Exchange Board of India (SEBI) to provide nomination declarations for their investments by September 30, 2023, or to choose not to have them nominated. If this crucial work is neglected, the Mutual Fund (MF) folios and demat accounts risk having all debit operations, including redemptions and withdrawals, frozen starting on October 1, 2023.

New TCS rules

New tax collection at source (TCS) regulations that go into effect on October 1, 2023, will have an impact on a variety of financial transactions, including expenses incurred abroad. Anyone who intends to travel internationally, invest in foreign mutual funds, equities, or cryptocurrencies, or pursue higher education abroad should be aware of these developments.

Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)

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