September brings several changes and important deadlines that could affect your investments, taxes, banking and household expenses. From revised nomination rules for demat accounts and mutual funds to changes in ETF trading norms, FCNR-B deposits, advance tax and LPG e-KYC, individuals need to keep track of several key dates.
For investors, taxpayers and NRIs, here are the important changes and deadlines to watch in September.
Revised rules relating to nominations for demat accounts and mutual funds will come into effect.
Investors should check the nomination status of their accounts and ensure that the required details have been provided. Those who do not wish to nominate anyone should also complete the applicable opt-out process.
SEBI’s new framework for exchange traded funds (ETFs) will come into effect from September 7.
The changes are aimed at improving transparency in areas such as:
Base price of ETFs
Price bands
Pre-open call auction
Close-out procedures
ETF investors should take note of the revised trading framework.
The Reserve Bank of India’s special dollar-rupee swap window for FCNR-B deposits, which provided an advantage to NRIs, including overseas Keralites, ends on August 31.
From September 1, new FCNR-B deposits will no longer receive this special benefit. However, regular FCNR deposits will continue to be available through banks.
Interest rates on new deposits will depend on the rates offered by individual banks.
September 15 is an important deadline for individuals and entities liable to pay advance tax.
At least 45 per cent of the total estimated advance tax liability should have been paid by September 15.
Taxpayers should calculate their liability and make the second instalment before the deadline to avoid interest and other consequences.
September 30 is an important date for investors in small savings schemes.
The Central Government is expected to announce the interest rates applicable to the October-December quarter by September 30.
Investors in schemes such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana and National Savings Certificate (NSC) should watch for any changes in interest rates.
Passengers travelling abroad from Indian airports will no longer need to get their boarding passes stamped at immigration counters.
Travellers can use a digital boarding pass on their mobile phone or a printed copy to complete immigration procedures.
The move is expected to make international travel more convenient, particularly for overseas Keralites travelling from India.
August 31 was the deadline for completing Aadhaar-based biometric e-KYC for domestic LPG connections.
Consumers who fail to complete the process could face difficulties with LPG subsidy benefits and cylinder deliveries.
Those who have not yet completed the e-KYC process should do so without delay.
