From mutual fund investments to pensions: Major rule changes kick in from November 1
New Delhi, Oct 31 (IANS) A number of financial and regulatory changes are set to come into effect from November 1, impacting mutual fund investors, pensioners, telecom subscribers and businesses covered under the Goods and Services Tax (GST) framework.
One of the key changes relates to mutual fund investments, as all asset management companies (AMCs) will be required to make direct plans the default option on their digital investment platforms starting November 1.
Investors opting for regular plans will have to be informed about the higher expense ratios associated with such schemes, a move aimed at enhancing transparency and helping investors make informed choices.
Meanwhile, for pensioners, the next month will mark the annual life certificate submission period.
Pensioners below 80 years of age can submit their annual life certificates between November 1 and November 30. Those aged 80 years and above have already been allowed to begin the process from October 1. However, they can submit their certificates either by visiting bank branches physically or through digital modes using Aadhaar-based authentication and facial recognition under the Jeevan Pramaan facility.
In addition, the Pension Fund Regulatory and Development Authority (PFRDA) has introduced the UPS Jeevan Setu Digital Life Certificate facility for subscribers of the Unified Pension Scheme (UPS) but eligible pensioners are required to submit their annual digital life certificates through the Protean e-Gov application by November 30.
Moreover, telecom users will also witness a major change from November 1.
The Department of Telecommunications (DoT) has made it mandatory for telecom service providers to implement Calling Name Presentation (CNAP) services. The feature will display the caller’s name along with the phone number on incoming calls, making it easier for users to identify callers and helping curb anonymous and potentially fraudulent calls.
Additionally, several GST-related amendments will come into force from November 1.
The changes cover post-sale discounts, credit notes and GST refund provisions. The revised framework also modifies conditions for excluding eligible post-sale discounts from taxable value and includes provisions related to input tax credit reversals. Refund provisions for businesses affected by inverted duty structures have also been updated under the new rules.
–IANS
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