Published by: Priyanka Deshpande
Byline: Anshul
A series of changes will come in the personal finance landscape in the month of October. These transformations are poised to directly impact the lives of millions across the country. Let's delve into the details of these changes.
From October 1, 2023, new TCS rules will be implemented. The new rule will affect international travel, foreign investments, and education abroad.
As per the new rule, remittances above Rs 7 lakh for non-medical and non-educational purposes under the Liberalised Remittance Scheme (LRS) will face a 20% TCS. The annual limit remains at $250,000.
SEBI has mandated all demat & mutual fund account holders to nominate or opt out by September 30, 2023. Failure to do so may freeze MF folios & demat accounts for debit transactions starting October 1, 2023.
Investors in small savings schemes like PPF, SCSS, and NSC must provide PAN and Aadhaar by September 30, 2023, or risk account suspension from October 1, as per government notification.
From October 1, 2023, the amended Births and Deaths Registration Act will allow birth certificates for school admission, driver's licenses, voter lists, Aadhaar enrollment, marriage registration, & government job applications.
September 30 is the final date for exchanging or depositing Rs 2000 notes. RBI had said that the future status of the notes will depend on the quantity returned to banks. Given that, the central bank is expected to provide an update on October 1.