Many new rules and changes are scheduled to be implemented from October 2021. These include the changes in the auto-debit facility to new liquor shop policy in the national capital. Some of these rules are likely to affect the lives of common people.
In this article we have listed some of the key changes, which are scheduled to come into effect form October 2021.
Changes in Auto-Debit Rules
The Reserve Bank of India (RBI) has introduced some changes in the auto-debit facility provided by banks. As per the new rules, Additional Factor Authentication is mandatory for auto-debit transactions. Which means that the customers will receive a pre-debit (SMS/e-mail) notification 24 hours before the debit. They will have to approve the transaction in order to make the payment.
These new rules are scheduled to come into effect from Friday, 1 October 2021.
Change in Cheque book Rules
From Friday, 1 October 2021, old chequebooks and Magnetic Ink Character Recognition (MICR) code of three banks will become invalid. These banks include Allahabad Bank, Oriental Bank of Commerce, and United Bank of India. In the view of the merger of Oriental Bank of Commerce and United Bank of India with Punjab National Bank (PNB), it was notified that the old cheque books and pre-existing MICR and Indian Financial System Code (IFSC) codes will be halted, if not updated, reported Hindustan Times.
New Rules for Private Liquor Shops in Delhi
As per the new excise policy of the Delhi Government, private liquor shops in Delhi will remain closed till 16 November 2021. However, government liquor shops will be operational. Private shops will reopen from 17 November 2021.
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