The month of September has begun, and it heralds significant changes in financial regulations. It’s crucial for everyone to be aware of these changes. September involves several essential tasks that need attention, or they could cause inconvenience down the line. Here are the key financial changes and tasks for September:
1. Subsidy for LPG Cylinders: The Central Cabinet has announced a subsidy of ₹200 on LPG cylinders. This subsidy is in addition to the existing ₹200 subsidy provided to beneficiaries of the Ujjwala scheme. As a result, beneficiaries of the Ujjwala scheme will now receive a total subsidy of ₹400 per cylinder. The government announced this important decision in August. Therefore, when you book an LPG cylinder in September, you will need to pay ₹200 less per cylinder.
2. Deadline to Replace ₹2000 Notes: The deadline to replace the old ₹2000 notes is September 30, 2023, as per the RBI’s announcement. It is crucial to check the list of bank holidays and visit your nearest bank branch to replace any remaining ₹2000 notes as failing to do so may lead to difficulties after September 30.
3. Free Aadhaar Data Update Ends: If you wish to update your Aadhaar information for free, you have until September 14, 2023, to do so. The UIDAI has set this deadline for free Aadhaar updates. After this date, you may be charged for any changes made to your Aadhaar details.
4. Deadline for Nomination in Demat Account: Ensure you complete the nomination process for your Demat account by the end of September. Accounts without nominations may be rendered inactive after this date.
5. Changes in Axis Bank Credit Card Rules: Axis Bank has made significant changes to its Magna credit card rules. These changes come into effect from September. Some transactions will no longer be eligible for special discounts or benefits. New cardholders will also be required to pay an annual fee of ₹12,500, plus GST, from September 1, 2023. Existing customers will be charged ₹10,000 plus GST.
6. Senior Citizens Savings Scheme Deadline: Investment in the Senior Citizens Savings Scheme (SCSS) of IDBI Bank must be completed by September. The SCSS offers senior citizens up to 7.60% interest, making it an attractive investment option.
7. Linking PAN and Aadhaar Cards: Ensure you link your PAN and Aadhaar cards by September-end. If not linked by this date, your PAN card may become inactive, impacting various financial transactions.
8. Amrit Mahotsav FD Scheme Deadline: IDBI Bank’s Amrit Mahotsav FD scheme deadline is also September-end. This scheme offers higher interest rates to senior citizens.
9. Changes in CNG and PNG Prices: The government has provided relief in LPG cylinder prices, and similar relief might be expected for CNG and PNG users during the festive season.
10. Advance Tax Payment Deadline: The second installment of advance tax for the assessment year 2024-25 is due by September 15. Ensure timely payment to avoid penalties.
Stay updated with these financial changes to manage your finances effectively in September.