The changes include SEBI's new rules on mutual funds, demat accounts and tax adjustments and relief for taxpayers.
Market regulator Securities and Exchange Board of India (SEBI) has released new guidelines, which are set to take effect from March 1. The revised regulations concern the nomination procedure for mutual fund (MF) folios and demat accounts, particularly in the event of a person's illness or death.
The guidelines dictate that it will now be mandatory for single-holder accounts to provide a nominee to prevent unclaimed assets. In joint accounts, assets will transfer automatically to surviving account holders under the survivorship rule. The guidelines also allow investors to nominate up to 10 individuals for mutual fund and demat accounts,
Under the Bima-ASBA facility, UPI users can pay insurance premiums through blocked amounts starting March 1. This will allow UPI users to block funds for insurance payments, ensuring timely payment only after the policy is accepted. If the insurer rejects the proposal, the blocked amount will be unblocked, according to NDTV.
Tax slabs and tax deducted at source (TDS) limits are likely to be revised, offering much-needed relief to taxpayers. These revisions will take effect from March 1 too.
Some banks are expected to revise interest rates on fixed deposits (FDs). Many banks had recently made adjustments to their FD rates, affecting customers' savings.
Revised LPG cylinder prices will be announced at 6 am on March 1, a norm is followed by oil companies each month. Along with LPG cylinder prices, jet fuel, CNG and PNG prices will also be revised.
GST portal security improvements
Multi-factor authentication will be added to the GST portal to enhance security. Additionally, business owners will need to update their IT systems to comply with the new security measures.
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