If the work of your financial transactions is pending, then there may be trouble for you. Actually, from tomorrow i.e. Friday, October 1, there are going to be many big changes in the rules related to financial transactions in the country, which may have an impact on you. These changes are related to banking, payment system, share market.
Let us know which rules are going to change from October 1.
From October 1, the rule of auto debit on your credit, debit card, wallet is going to change. RBI’s new rule will come into effect from October 1. For this purpose, the Reserve Bank has started the Additional Factor Authentication facility. Under this, an amount less than Rs 5,000 will be deducted just by giving prior intimation and above that payment will be applicable through OTP system.
Bank checks will become worthless from 1st October. If you also have an account with Allahabad Bank, Oriental Bank of Commerce or United Bank of India, then this information is only for you. From October 1, your old check books will become useless. Contact these banks for check book.
SEBI had asked people holding demat and trading accounts to update KYC details before 30 September 2021. So if you have not updated KYC in your demat account till now then your demat account will be suspended and you will not be able to trade in the market. It will not be activated until you do the KYC update.
At the same time, in the demat and trading account of the stock market, you will also have to give the information of the nominee, if an investor does not want to give the nomination, then he will have to fill a declaration form about it. Demat account holders also have to fill the form and give this information by March 31, 2022. If you do not provide any information, then trading and demat account will be frozen
Food safety regulator FSSAI has made it mandatory for food business operators to mention FSSAI license number or registration number on cash receipt or purchase challan. If a businessman does not follow this rule of FSSAI, then his license or registration can be canceled.
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