From free Aadhaar update to exchanging Rs 2,000 notes — Key PF changes, deadlines in Sep 2023

A series of changes will  come in the personal finance landscape in the month of September. From an extended opportunity for a free Aadhaar update to adjustments in credit card rewards and the deadline for exchanging Rs 2,000 notes, these transformations are poised to directly impact the lives of millions across the country.

Effective September 1, 2023, Axis Bank will introduce modifications that will redefine it's highly esteemed Magnus credit card. The amendments include adjustments to reward point values and the exclusion of specific payment categories from the reward point system. Notably, the discontinuation of the Tata CLiQ voucher for new cardholders forms part of these alterations.

The deadline to update Aadhaar free of charge will end on September 14. This service is, however, free only on the myAadhaar portal and attracts a fee of Rs 50 at physical Aadhaar centres, as in the case earlier. If not done by September 14, the same will be chargeable even on the myAadhaar portal starting September 15, 2023.

The second instalment of advance tax for the assessment year 2024-25 should be paid by September 15.

The tax which is paid within the same financial year in which the income is earned is called advance tax. It is paid in four instalments. 15 percent of the total tax liability must be paid by June 15, while 45 percent must be paid by September 15.

The Reserve Bank of India (RBI) has stated that even though the notes would continue to be accepted as legal tender beyond that day, September 30, 2023, is the last day to exchange or deposit the withdrawn Rs 2000 banknotes.

The Securities and Exchange Board of India (SEBI) has made it mandatory for all demat and trading account holders to have a nominee by September 30, 2023.

Existing investors who have already provided nomination details are not required to resubmit the nomination details. Those who have not submitted nomination details to date and intend to submit their nomination or opt out of nomination may also be allowed to do so.

Investors can submit or withdraw their nominations via two-factor authentication login on trading platforms for stock brokers or depository participants that offer such a service. The details previously required, like mobile number, e-mail ID and identification details of the nominee/guardian of the minor nominee, have been made optional.