Many significant changes are all set to come into effect from September 2021. These include new rules regarding Aadhaar-PF linking, RBI's cheque clearance system, etc.
In this article we have listed some of the key changes, which are scheduled to be implemented from September 2021.
RBI Positive Pay System
In September 2020, the Reserve Bank of India (RBI) announced a new cheque clearance system called 'Positive Pay System'. According to RBI's official website, "The concept of Positive Pay involves a process of reconfirming key details of large value cheques." It was introduced to prevent bank frauds.
The Positive Pay system was implemented from 1 January 2021, and many Indian banks have already adopted it. However, Axis Bank will implement the new mechanism from Wednesday, 1 September 2021, reported Hindustan Times.
PAN-Aadhaar Card Linking
India's leading public sector bank, the State Bank of India (SBI) has notified that all its customers are required to link their Permanent Account Number (PAN) and Aadhaar card by 30 September 2021. The linking of PAN and Aadhaar is mandatory for all account holders, and the customers who don't comply to it, within the given deadline, may face transaction-related issues, reported Hindustan Times.
The new amendment made by the Employees’ Provident Fund Organization (EPFO) in Section 142 of the Code of Social Security 2020, has made it mandatory to link universal account number (UAN) to your Aadhaar number. Starting from 1 September, employers will only be able to deposit their contribution in your Provident Fund (PF) account if your Aadhaar and UAN are linked.