6 Key Changes Taking Effect from October 1, 2023

6 Key Changes Taking Effect from October 1, 2023

05 October, 2023

As we approach the month of October, we are also heading towards a bunch of deadlines that can impact the regular flow of your financial life. Below is a list of significant changes that will take effect at the start of October.

  1. Acceptability of ₹2000 currency notes

    The Reserve Bank of India (RBI) continues to make changes to curb the flow of currency in the nation, maintain transparency and prevent the hoarding of large sums of money in cash. To aid this, RBI has directed every individual to exchange their holdings of ₹2000 currency notes by the end of September.

    After the deadline, you will have a limited window to exchange the notes, so it's advisable to visit your respective bank and exchange all of these notes in your possession before the deadline.

  2. Nomination deadline for Demat Accounts

    Another important deadline for 30th September is the designation of nominations for all the active Demat Accounts. Your Demat Account holds all your financial instruments, from shares and bonds to government securities, in electronic form.

    By designating a nominee, you will ensure a seamless transition of these assets to the rightful beneficiary in case of any unforeseen circumstances.

    If you don’t have a Demat Account yet, then open one today without any charges from HDFC Bank Demat Account!

  3. Nomination deadline for mutual funds

    In addition to the Demat Account, you must designate a nominee for your mutual funds' folio. Adding a nominee is crucial, providing financial security and peace of mind for you and your loved ones.

  4. Birth certificate mandatory for government jobs

    It will be mandatory for applicants to provide birth certificates while applying for government jobs. This will help ensure the applicant's credentials' accuracy and authenticity, increasing the hiring process's transparency and efficiency.

  5. Tax collection at the source

    Revised regulations for the Tax Collected at Source (TCS) will come into effect from October 1, 2023. Under the new regulations, sellers on e-commerce platforms are required to collect 0.1% TCS on the sale of goods and services. This aims to enhance tax compliance and prevent tax evasion in the e-commerce sector.

    Sellers and buyers on e-commerce platforms should be aware of these changes to ensure smooth and compliant transactions.

  6. Aadhaar for savings account

    Last but equally significant, If you have invested in the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post office deposits, and other small savings schemes, then you need to submit your Aadhar number to your post office or bank before October 1, 2023. Failure to do so can result in your investments being frozen!


As we approach October 1, 2023, it is important for you to be prepared for these significant financial changes. From mutual fund nominations to linking your Aadhaar, these alterations are going to make an impact on your personal finances. Embracing these changes and staying up-to-date will contribute to a more transparent and secure financial ecosystem.

​​​​​​​*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.

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