With the beginning of the new month on November 1, many major changes will come into effect that will affect the lives of the general public. These changes are related to Aadhaar card, banking, pension, LPG cylinder, credit card, GST and pension schemes of government employees. Some of these decisions may increase your expenses slightly, while some will provide relief. Let’s take a look at those seven big changes that will come into effect from November 1 and will have a direct impact on your pocket.
1. Aadhaar Update Fee
The Unique Identification Authority of India (UIDAI) has waived the fee of ₹125 for biometric update in Aadhar card of children. This means that now children’s Aadhaar updates can be done for free for one year. Adults will still have to pay ₹75 to update their name, date of birth, address or mobile number and ₹125 to change biometric details (fingerprint or iris scan).
2. New Bank Nominee Rules
A major change related to nominee will be applicable for bank customers from November 1. Now a maximum of four people can be made nominees for the same account, locker or secured asset. This change has been made to provide families easier access to funds in case of emergencies and to avoid disputes over ownership. The process of adding or changing a nominee has also been simplified.
3. Charges on digital payment through SBI card
SBI card users may get a shock from November 1. Now there will be a 1% charge on education related payments through third-party apps. Additionally, 1% charge will also be levied on digital wallet deposits of more than ₹1,000 through SBI cards. This means that now the burden of online transactions will increase on those doing online transactions.
4. Important warning for pensioners
It is mandatory for all retired central and state government employees to submit their annual life certificate by 30th November. This can be done by visiting a bank branch or online through the Jeevan Pramaan portal. If the certificate is not submitted on time, pension payment may be delayed or stopped.
5. Change in LPG cylinder prices possible
Oil companies release new prices of LPG cylinders on the first of every month. As a result, new rates for domestic and commercial cylinders will also be announced on November 1. It will be interesting to see whether the general public will get relief in this festive season or their kitchen expenses will increase.
6. New GST slabs will be applicable
From November 1, the government will implement the new two-slab GST system. The old four slabs of 5%, 12%, 18% and 28% will be abolished. Special rates will now apply on certain items, while luxury and ‘sin goods’ will be taxed at 40%. The government aims to make the tax structure simple and transparent.
7. Last date to switch from NPS to UPS
Another important update for central government employees: Those who want to switch from NPS (National Pension Scheme) to UPS (Unified Pension Scheme) have time till November 30. This extended time frame will help employees to re-evaluate their pension plans and make the right choice.