From October 1 of this year, eight significant changes in the financial system will take place in the nation. Your pocket will be immediately impacted by this. Beginning on October 1, taxpayers who are filing income tax returns won’t be able to benefit from the Atal Pension Yojana. The guidelines for investing in mutual funds will also change at the same time. In addition, tokens will be utilised for online purchases rather than cards. We’re going to tell you about eight significant changes that could affect your wallet right now.
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1. Taxpayers cannot get Atal pensions
Beginning on October 1, those who have filed income tax returns will not be eligible for the Atal Pension Yojana. That is, those whose income exceeds Rs. 2.50 lakh will not be allowed to enrol in the Atal Pension Yojana. Any Indian citizen between the ages of 18 and 40 may apply to this government pension plan under the current regulations, regardless of whether he or she pays income tax. A monthly pension of 5,000 rupees is offered under this programme.
2. Pay with tokens rather than cards
The RBI has directed that the token system for card payments be put into place starting on October 1. After implementation, customers’ credit card information cannot be stored by merchants, payment aggregators, or payment gateways. Its goal is to stop fraud in internet banking.
3. Mutual Funds Need Nominations
Beginning on October 1, it will be necessary for people investing in mutual funds to provide nomination information following new regulations from market regulator SEBI. Investors who fail to comply must fill out a declaration form stating that they will not use the nomination facility.
4. Possibility of higher interest on small savings
Following the Reserve Bank’s hike in the repo rate, banks raised the interest rates on savings accounts and fixed deposits (FDs). Interest rates on the RD, KCC, PPF and other small savings plans offered by the post office may rise in such a circumstance. On September 30, the Finance Ministry will make a statement. Thus, even modest savings can generate substantial interest.
5. Demat account double verification
To protect the owners of Demat accounts, the market regulator SEBI has announced the implementation of the requirement for double verification as of October 1. Demat account holders will only be permitted to log in under this condition following double verification.
6. Gas cylinder prices may get cheaper
Each month’s first is used to examine the cost of LPG cylinders. Due to the weakening of the prices of crude oil and natural gas in this situation, it is anticipated that both home and commercial gas cylinder costs will fall this time.
7. Mandatory NPS e-enrollment
The PFRDA has modified the e-nomination procedure for both public and private sector personnel. This will take effect on October 1, 2022. The Nodal Office will have the choice to accept or reject the NPS account holder’s e-nomination request following the new NPS e-nomination procedure. The e-nomination request will be approved in the Central Record Keeping Agencies system if the Nodal Office does not take action against it within 30 days of its allocation (CRAs).
8. CNG costs may increase
After this week’s review, natural gas prices could reach all-time highs. Electricity, fertilisers, and compressed natural gas for automobiles are all made from natural gas. The cost of the domestically produced gas is set by the government. On October 1, the government must update the price of gas. The price that will be paid for gas generated from the state-owned Oil and Natural Gas Corporation’s (ONGC) older fields might increase from $6.1 to $9 per unit (Million British Thermal Unit). For regulated locations, this will be the highest rate ever. Every six months, the government sets the price of gas (1 April and 1 October). Based on the rates of the previous year for gas surplus countries like the US, Canada, and Russia, this price is set on a quarterly basis.
