From Pension to RBI’s Auto Debit Facility; These Rules Will Change From October 1

Various rules that affect the lives of common people are set to change from October 1, 2021. These include rules related to pension, Cheque books, Auto debit facility etc.  

Rules to Change From 1 October

Have a look at these rules: 

Pensioners to submit digital Life Certificates till November 30^th 

The pensioners aged 80 & above, will have the option to submit their digital life certificates at “Jeevan Pramaan Centres” of respective head post offices in the country. To make this process seamless, the deadline is extended to November 30, the Indian Postal Department has been directed to reactivate IDs of these “Jeevan Pramaan Centres”. 

Cheque Book of These banks will become Invalid 

From the first day of next month, the checkbooks & MICR (Magnetic Character Inc Recognition) code of three banks will become invalid. The banks are Oriental Bank of Commerce, United Bank of India & Allahabad Bank. 

Oriental bank & United Bank have merged with Punjab National Bank, therefore, the old cheque books and pre-existing MICR & FIS (Indian Financial System ) codes will be halted if not updated yet. 

Auto Debit Facility Rule Change 

Reserve bank of India has made some changes to auto-debit facilities from debit/ credit cards. Banks have been directed by the RBI to carry out an additional factor authentication, which means that monthly payment for subscriptions to over-the-top platforms will not take place without the subscriber’s approval. The notification in this regard will be sent to the subscriber 24 hours ahead of payment, and take place only after due approval. 

Investments Rule change 

As announced by the securities & exchange Board of India (SEBI), Junior employees need to invest 10 percent of their gross salary in units of that to mutual fund. From October 2023, the requirement will rise to 20 percent of gross salary. 

Closure of Private Liquor Shops 

In Delhi, no private liquor shop will be allowed to open till November 16, as mandated under the new excise policy of the union territory government. Only government liquor shops will operate during this period.