Many big changes are going to happen in the country from October 1. This will directly affect your pocket. Income tax payers will not be able to invest in Atal Pension Scheme from next month. Apart from this, the tokenization system for card payments will be implemented from October 1. We are telling you about 6 such changes which will affect you.
Income tax payers will not be able to invest in Atal Pension Scheme.
From October 1, Income Tax payers will not be able to take advantage of Atal Pension Yojana. According to the existing rules, any Indian citizen between the age of 18 years to 40 years can join this pension scheme of the government, irrespective of whether he pays income tax or not. Under this scheme, a monthly pension of up to Rs 5000 is given every month.
Tokenization system will be implemented
From October 1, tokenization system will be implemented for card payments. Once implemented, merchants, payment aggregators and payment gateways will no longer be able to store customer card information. The purpose of implementing the tokenization system is to prevent online banking frauds. Tokenization is not mandatory, but it does make it easy to make repeated purchases from the same website or app.
People investing in mutual funds are required to give nomination details
Those investing in mutual funds on or after October 1, will be required to provide nomination details. Investors who fail to do so will have to fill in a declaration. Nomination facility will have to be declared in the declaration.
Asset Management Companies (AMCs) will have to provide the option of nomination form or declaration form in physical or online mode as per the requirement of the investor. Under the physical option, the form will have the investor’s signature, while in the online form, the investor will be able to use the e-sign facility.
There may be an increase in the interest received in the small savings scheme
After increasing the repo rate of RBI, most of the banks in the country have increased the interest on FD. In such a situation, now the interest rates available in Post Office Small Savings Scheme like PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi Yojana can increase. New interest rates may be announced on September 30 on the small savings schemes of the post office.
Change in rules regarding Demat account
Demat account holders have to complete two-factor authentication by September 30, 2022. Only then will you be able to login to your demat account. If you do not have to do so, you will not be able to log-in to the demat account from October 1.
According to NSE, members will have to use biometric authentication as an authentication factor to login to their demat account. The second authentication could be a ‘knowledge factor’. This can be a password, PIN or any position factor, which is only known to the user.
Gas cylinder can be cheaper
LPG gas cylinder prices are reviewed on the 1st of every month. In such a situation, due to the softening of crude oil and natural gas prices, this time the prices of both domestic (14.2 kg) and commercial (19 kg) gas cylinders are expected to be lower.
Currently, the prices of domestic and commercial cylinders in major cities of the country
| City | Domestic cylinder price (in Rs.) | Commercial cylinder price (in Rs.) |
| Chennai | 1068.50 | 2045.00 |
| Kolkata | 1079.00 | 1995.50 |
| Delhi | 1053.00 | 1885.00 |
| Mumbai | 1052.50 | 1844.00 |
