The users will experience several changes in personal finance from October 1 this year with the deadlines for adding nominees for mutual fund folios, demat account, and trading accounts ending on 30 September 2023.
The new TCS rule on foreign expenditure will come into effect from September, which could also be the last month for the exchange of Rs 2,000 denomination notes.
Here is the list of changes impacting personal finance from October 1:
Adding nominees for all existing Mutual Fund
The deadline to add nominees for all existing mutual fund folios was set till September 30. The folios will be frozen for debits after it.
New TCS rules
The user will be subjected to a 20 per cent TCS from October 1 if the overseas expenses on credit cards cross Rs 7 lakh. TCS will be imposed at 5 per cent if expenses are incurred for medical or educational purposes. For those availing loans for foreign education, a lower TCS of 0.5 per cent will be imposed over the threshold of Rs 7 lakh.
Nomination deadline for demat, trading accounts
The last date for the nomination of beneficiary for current trading and demat account holders will end on September 30.
According to a circular of the market regulator, “Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e. furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021, read with para 3 (a) of SEBI circular dated February 24, 2022, with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023”.
Exchange of Rs 2,000 denomination
The Reserve Bank has set September 30 as the deadline to exchange Rs 2,000 notes. If you still possess Rs 2,000 notes, then you should deposit them in the banks before the last date.
Birth certificates made mandatory for government jobs
Birth certificates will become a single document for Aadhar and government jobs from October, apart from money matters. The Registration of Births and Deaths (Amendment) Act, 2023 will come into being on October 1.