With the beginning of November, there are going to be changes in some important rules which will have a direct impact on the general public. After Diwali, the impact of these new rules will be seen in many sectors like banking, railways, GST, ration distribution and investment. Let us know all the 10 major changes that will be implemented from November 1:
New rule of cash payment in banks
The Reserve Bank of India (RBI) has instructed banks to keep records of the names and addresses of people making cash payments, especially those who do not have a bank account. Its objective is to track cash transactions and increase transparency. Changes in railway ticket booking
Now the limit for advance booking of train tickets has been reduced to 60 days, which was earlier 120 days. This change will come into effect from November 1, which will make it easier for passengers to book tickets. 1st November Rules changes Changes in credit card rules
SBI and ICICI Bank have made changes in their credit card rules. Under the new rules of SBI, transaction fees and finance charges will increase. Apart from this, Rs. There will be an additional charge of 1% on utility payments above Rs 50,000. Changes in FnO trading rules
SEBI has increased the minimum amount for futures and options (FnO) trading to Rs. 15 lakhs has been made. Additionally, the contract size for index derivatives has also been increased. These new rules will come into effect from November 20.
New rules in mutual funds
SEBI has implemented new rules to increase transparency in mutual funds, under which mutual fund managers will have to maintain confidentiality and not share sensitive information. Information about the holdings of relatives will also have to be maintained. New system in GST billing
Online entry of every bill in GST will be mandatory from November 1. Merchants will be able to accept or reject the invoice. This facility will be started on the GST portal so that the tax filing process can become even easier.
Change in ration distribution
Changes have also been made in the ration distribution system in government ration shops. Now rice and wheat will be distributed in equal quantity to Antyodaya card holders. 18 kg rice and 17 kg wheat will be available on each card.
