Wednesday, May 31st, 2023

These 10 rules will change from next month, there will be a direct impact on the pocket of common people, see here

Financial Rules Changing From 1st April 2023: April is a crucial month from a financial perspective as it marks the beginning of the new financial year in India. This year, several significant changes are set to take place that will directly impact the wallets of the general public. In case PAN is not linked with Aadhaar by April 1, it will be deactivated, and automobile companies like Tata Motors, Maruti Suzuki, Mercedes-Benz, BMW, Toyota, and Audi will increase the prices of their vehicles. Here are ten financial changes that will impact the common man:

  1. Deactivation of PAN: The Central Board of Direct Taxes (CBDT) has mandated the linking of PAN and Aadhaar by March 31, 2023. Failure to do so will result in deactivation of the PAN. To reactivate it, a fine of Rs 10,000 will be imposed along with linking it with Aadhaar.
  2. Price hike in cars: With the implementation of Bharat Stage-2, the cost of automobile companies is set to increase, leading to increased prices for cars of several companies, including Tata Motors, Maruti Suzuki, Mercedes-Benz, BMW, Toyota, and Audi. The new prices will come into effect from April 1, 2023, and experts estimate that the prices could go up by up to Rs 50,000.
  3. Mandatory 6 digit hallmark for gold sales: From April 1, 2023, jewelers will be allowed to sell only those jewelry items that have a 6-digit HUID number registered. The decision was made by the Consumer Department on January 18, 2023, to safeguard the interests of customers. Earlier, the HUID was optional. Note that old jewelry items without the hallmark can still be sold.
  4. Tax on insurance policies with high premiums: As of April 1, 2023, individuals who purchase annual premium policies exceeding Rs 5 lakh will be required to pay tax on the income generated from the insurance scheme. ULIP plans are excluded from this rule.
  5. Nomination mandatory for demat accounts: Stock market investors must complete their nomination process before April 1, 2023. Failing to do so will result in the freezing of the account. The SEBI circular mandates adding a nominee to the demat and trading account, and failure to do so will deactivate the account.
  6. Nomination mandatory for mutual funds: SEBI has ordered mutual fund investors to complete their nomination process before March 31. Failure to do so will lead to the freezing of the investor’s portfolio from April 1, 2023, and it will only be restarted after submitting the details.
  7. UDID mandatory for Divyangjan: Starting April 1, 2023, disabled individuals must provide their Unique Identity Card (UDID) number to avail of benefits from government schemes. Those who do not have a UDID must provide information about their enrollment number.
  8. Bank holidays: Banks across the country will remain closed for a total of 15 days in April due to various festivals and anniversaries, including Ambedkar Jayanti, Mahavir Jayanti, and Eid-ul-Fitr.
  9. Rollback of 6% transaction fee on NSE: The National Stock Exchange (NSE) will withdraw the 6% fee charged on any transaction in the cash equity and futures and options segments from April 1. The fee was introduced in January 2021.
  10. Possible change in LPG and CNG prices: Government oil companies change the prices of gas and CNG on the first of every month. It remains to be seen if there will be any changes in the prices of commercial and domestic gas cylinders.

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