Financial Changes From 1 November: Today, millions of people have access to services like bank accounts, credit cards, Aadhaar cards and NPS. If you are also taking advantage of any of these services, then note the date of 1 November. From tomorrow, there is going to be a big change in 7 such rules related to financial matters.
While financial regulations change frequently throughout the year, seven major changes are planned from November 1. These changes will also change the rules related to your finances. These changes will change the rules related to various things including GST, Aadhaar card, bank accounts and NPS. Changes are also being made in pension and credit card services.
The biggest change since November 1 has been regarding Aadhaar updates. From yesterday, UIDAI has waived the ₹125 biometric fee for updating children’s Aadhaar. From November 1, there will be no fee for updating children’s Aadhaar for the next one year. However, a fee of ₹75 will be charged for updating name, date of birth, address and mobile number on adult Aadhaar cards. While biometric updates like eye scan and fingerprints will cost ₹125. You can get all these updates done without any documents.
Banks have also made changes to their customer nomination rules effective from tomorrow. Customers will now be allowed to nominate up to one person per account. This facility will also be available for items kept in lockers and safes. The change is aimed at providing easy access to their funds and lockers to the families of customers. Banks have further simplified the rules and procedures for updating and changing the names of nominees.
While the reduced GST rates on goods came into effect on September 23, the slabs established by the GST Council will be applicable from November 1. The government has imposed special GST slabs on certain goods. Earlier, GST had slabs of 5, 12, 18 and 28 per cent. Now, the 12 and 28 per cent slabs have been abolished, while a new 40 per cent slab has been imposed on luxury and harmful products. This new slab will be applicable from November 1.
The government has also extended the last date for opting for UPS for central government employees. For employees currently receiving benefits under NPS, the last date for converting the guaranteed pension scheme to UPS has been extended till 30th. The government had implemented UPS in April itself, the deadline for which was earlier till June, then it was extended till September and now it has been extended till November.
The month of November is also going to be very special for lakhs of pensioners across the country. To continue receiving their pension, pensioners will have to submit a life certificate starting from November 1 and update it by November 30. This certificate can be submitted at your bank branch or uploaded on the Jeevan Praman portal. Missing the deadline of November 30 may result in the pension being stopped.
