5 Financial Changes Coming Into Effect From September. Read Details

September 30 is the last day to exchange Rs 2,000 notes.

The month of September is bringing many changes, especially in the financial sector. While some of these changes will come into effect on the first day, others later in the month. We have listed some of the big ones, which can have a huge impact on people’s finance. These changes are also connected to Aadhaar update and linking of the identity document with the PAN card. Those holding Axis Bank’s credit cards will also be impacted by the changes coming into effect from this month.

Users of Axis Bank’s Magnus credit card will have to pay more from today. The bank has mentioned about the changes in terms and conditions. The biggest change is the revision in annual fee, which has been revised from Rs 10,000 (plus GST) to Rs 12,500 (plus GST). The benefits being given along with the card have also been revised.

The deadline to update details in the Aadhaar card for free will end this month. The Unique Identification Authority of India (UIDAI) had extended the last date from June 14 to September 14, 2023. The scheme was launched for those citizens who had got their Aadhaar issued 10 years ago and have not updated that.

This month will also give last chance to people to exchange Rs 2,000 notes. Reserve Bank of India (RBI) had said in May that people can exchange or deposit them in their bank accounts by the said date. The central bank said people can deposit or exchange for lower denomination notes till September 30 for up to Rs 20,000 at a time. However, a source told NDTV that even if anyone has Rs 2,000 notes after the current deadline, it will remain a valid tender.

From the beginning of the current financial year, the Ministry of Finance made the Permanent Account Number (PAN) and Aadhaar card mandatory for making investments in small saving schemes like Public Provident Fund (PPF), Post Office Saving Scheme and Senior Citizens Saving Scheme (SCSS). For existing subscribers, Aadhaar number will have to be submitted by September 30, failing which their accounts will be frozen.

Another deadline that people need to keep in mind is the nomination facility for trading and demat accounts. The Securities and Exchange Board of India (SEBI) had, in March this year, extended the time for holders of theses holders to make nominations or opt out of it. The revised deadline is September 30th.