Five personal finance changes to take place in October

Under the Liberalised Remittance Scheme (LRS) by the Reserve Bank of India (RBI), one can send up to $250,000 in a year. Starting October 1, 2023, any remittance exceeding Rs 7 lakh for purposes other than medical and educational will have a TCS of 20 percent.

Individuals who have opted to invest in small savings schemes such as Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), National Savings Certificate, among others must mandatorily submit their Permanent Account Number (PAN) and Aadhaar card documents by September 30, 2023. Failure to do the same may result in the suspension of the accounts from October 1 until the documents are provided, as per government's notification.

The Registration of Births and Deaths (Amendment) Act, 2023 will come into force across the country from October 1, 2023, allowing the use of a birth certificate as a single document for admission to an educational institution, issuance of a driving licence, preparation of voter list, Aadhaar number, registration of marriage or appointment to a government job.

The Reserve Bank of India (RBI) earlier 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continue to be accepted as legal tender beyond that day, September 30, 2023, is the last day to exchange or deposit the withdrawn Rs 2000 banknotes. When announcing the withdrawal, the RBI mentioned that it would determine the future status of the notes based on the quantity returned to/deposited in banks.

Given that, the central bank is expected to provide an update on October 1.

Starting from October 1, 2023, the Reserve Bank of India (RBI) has asked banks to offer cards on multiple networks and give customers the option to select their preferred card network. At the moment, when someone applies for a debit or credit card, the network provider is normally determined by the card issuer.