New Rules From October 1, birth certificate is being made mandatory for making documents like passport, driving license, Aadhar card and voter card. Citizens will now have the option to choose the network provider for debit card, credit card or prepaid card. There are many more such rules or changes which are coming into effect from the 1st of October.
New Rules from October 1: Some changes are implemented in the country from the first date of every month. Some new rules/changes (Changes from October 1) are also being implemented in the country from the first date of October 2023. Most of these are related to money transactions. These include TCS on foreign remittances, new interest rates on small savings to changes related to birth certificate and LPG cylinder. Every citizen of the country is going to be affected in some way or the other by these changes/new rules. Let us know about some important rules/changes coming into effect in India from October 1, 2023…
New TCS structure in case of sending money abroad
New TCS rules will be applicable in case of sending money abroad from October 1. Currently a person can send 2.5 lakh dollars abroad in a financial year. This is allowed under the Liberalized Remittance Scheme (LRS) of RBI. From October 1, if you send an amount of more than Rs 7 lakh in a financial year for any purpose other than medical and educational needs, you will have to pay 20 percent TCS. If you send Rs 7 lakh or less in a financial year, you will have to pay 5 percent TCS (Tax Collected at Source). This rule is also applicable in case of foreign tour packages.
Birth certificate is mandatory for these works
In the last monsoon session, Parliament had passed the Registration of Births and Deaths (Amendment) Act 2023. Under this, birth certificate will be the only document which you will have to use to avail many important services. From October 1, birth certificate is being made mandatory for making documents like passport, driving license, Aadhar card and voter card. Apart from this, it will also be mandatory for admission in educational institutions and marriage registration.
gas cylinder expensive
From the first of October, the price of commercial LPG cylinder has increased by Rs 209. After this increase, the price of 19 kg LPG cylinder in the capital Delhi has become Rs 1731.50. The price of this LPG cylinder has increased by Rs 203.50 to Rs 1,839.50 in Kolkata, by Rs 204 to Rs 1,684 in Mumbai and by Rs 203 to Rs 1,898 in Chennai. There has been no change in the price of LPG cylinder used at home.
New interest rates on small savings schemes
The government has increased the interest rate on 5-year recurring deposits (RD) from 6.5 percent to 6.7 percent for the December quarter. The new rate will be applicable from October 1 to December 31, 2023. However, there has been no change in the interest rates for all other small savings schemes including PPF.
Changes in debit card, credit card rules
From October 1, citizens will have the option to choose the network provider for debit card, credit card or prepaid card. This means that citizens will be able to choose from Visa, MasterCard and RuPay network providers for their cards as per their choice. Currently the network provider is usually determined by the card issuer. Under the new rule, now card issuers will issue cards from more than one network and customers will be able to choose from them.
GST on online gaming
In July this year, the GST Council had decided that gaming companies will have to pay 28 percent GST on the money earned from customers. The council has decided to impose tax at the rate of 28 per cent on the full face value of bets on online gaming, casinos and horse racing. Preparations are on to implement it from October 1. However, the gaming industry has appealed to the Finance Ministry to postpone the 28 percent GST rule on online money games from October 1 for some time.
New rule of SIP
The National Automatic Clearing House (NACH) had issued a circular on August 18. In this, the maximum period for SIP has been fixed at 30 years. This rule is coming into effect from October 1st.