On October 1, a number of rules will change or become mandatory, and the following rules may have an impact on your personal financings.
The monthly fluctuations in our personal finances are predictable and must be tracked. Because one's personal finances are so important for managing day-to-day costs and making long-term plans, it's important to take precautions if changes are revealed that might potentially disrupt one's budget or financial plans. Beginning on October 1st, a number of rules will change or become mandatory. The following rules may effect your individual finances beginning the next month.
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Mandatory two-factor authentication for Demat account login
By September 30, 2022, all Internet-based trading (IBT) and cellular securities trading apps offered to customers with a Demat account must need two-factor authentication (STWT).
According to a circular dated June 14, 2022, the NSE urged Members, in collaboration with SEBI and exchanges, to employ biometric authentication in addition to user IDs. Here are other things you need tom know:
1. Knowledge factor (something only the user knows): - for e.g., Password, PIN.
2. Possession factor (something only the user has): - for e.g., OTP, security token, authenticator apps on smartphones etc. In case of OTP, the same should be sent to clients through both email and SMS on their registered email ID and Mobile number.
The circuler also says, "In cases, where biometric authentication is not possible, Members shall use both the aforementioned factors (Knowledge factor and Possession factor), in addition to the user ID, for 2-factor authentication (2FA). It is to be noted that the abovementioned authentication shall be implemented on every login session by the client to IBT and STWT. "
Credit and debit card Master Directions
Certain aspects of the Master Direction - Credit Card and Debit Card - Issuance and Conduct Directions, 2022 have had their implementation dates extended by the Reserve Bank of India (RBI) on June 21, 2022. It has been decided by RBI to delay the effective date of the following provisions of the Master Direction until October 1, 2022.
1. If a customer's credit card hasn't been activated within 30 days of its issuance, the card's issuing bank must get the customer's approval through One Time Password (OTP) before activating the card. If the card issuer does not hear back from the consumer within seven business days after asking for confirmation of activation, the account will be closed without any fees.
2. Credit card providers have an obligation to prevent their customers from exceeding their approved credit limit without their express permission at all times.
3. For charging/ compounding of interest, unpaid charges/levies/taxes are not capitalized.
Tokenization of RBI Cards
The RBI has extended the deadline for the tokenization of cards till September so that they may be used for online transactions. Cards, networks, and issuers must erase all Card-on-File (CoF) information by October 1, 2022, as mandated by the RBI. The deadline for tokenizing credit cards is September 30, 2022. They'll have to manually input their card details at checkout after that.
Income-tax payers are ineligible for APY
It has been decreed by the Ministry of Finance that as of October 1, 2022, income taxpayers would no longer be eligible to participate in the Atal Pension Yojana (APY) programme. As October 1 rapidly approaches, taxpayers who are interested in joining APY have just three days left to do so. A taxpayer is an individual who is required to file and pay income tax returns in accordance with the Income Tax Act of 1961, as amended from time to time. The ministry also stated in the notification that "In case a subscriber, who joined on or after 1st October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber."
NPS e-nomination
In response to feedback from government and business subscribers, the Pension Fund Regulatory and Development Authority has revised the National Pension System (NPS) e-nominations process flow (PFRDA). By logging onto "e Nomination" with their existing NPS credentials, current subscribers can update their nomination in their PRAN. Subscribers can also hand-deliver a hard copy of the nomination amendment request to the relevant Nodal Officers, Corporate, or Points of Presence (POPs).
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