Major Rule Changes Effective from September 1, 2023

As we usher in the month of September, a slew of crucial rule changes is set to make waves across the country.

shifts, which come into effect from September 1, 2023, will have a direct impact on the finances of ordinary citizens, ranging from the stock market to daily household expenses.

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Let’s delve into the key alterations you need to be aware of:

1. Deadline for Exchanging Rs 2,000 Notes:

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  • The Reserve Bank of India (RBI) has set September 30, 2023, as the final date for exchanging the remaining Rs 2,000 notes. Failure to do so may result in future inconveniences or financial losses.

2. LPG Cylinder Price:

  • While oil and gas distribution companies traditionally adjust prices on the first of every month, the Central Government recently provided relief by reducing the price of a 14.2 kg LPG cylinder by Rs 200.
  • Further changes in commercial gas cylinder prices may be expected.

3. CNG and PNG Price:

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  • In line with LPG, oil companies periodically alter the rates of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). These adjustments are also likely to continue in September.

4. Axis Bank Credit Card Annual Fee:

  • Effective September 1, 2023, Axis Bank Credit Card holders should note that an annual fee of Rs 12,500 will apply to the Magnus Credit Card.
  • However, this fee will be waived for customers who spend Rs 25 lakh or more annually using the card.

5. Aadhaar Update Opportunity:

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  • If you wish to update your Aadhaar details at no cost, ensure that you complete the process by September 14, 2023.
  • The Unique Identification Authority of India (UIDAI) has extended the deadline from June to September for free Aadhaar updates.

6. Stock Listing Timeline:

  • The Securities and Exchange Board of India (SEBI) has reduced the listing time for a company’s stock in the market after the closure of an Initial Public Offering (IPO) to three days, down from the previous six days.
  • This rule will apply voluntarily to IPOs after September 1, 2023, and will become mandatory from December 1, 2023.

7. Demat Nomination:

  • Those with demat accounts must complete the nomination process before September 30, 2023. SEBI reserves the right to deactivate accounts without nominations after this date.

8. Last Chance for PAN-Aadhaar Linking:

  • A crucial update pertains to the linking of PAN and Aadhaar cards.
  • Failure to complete this linkage by September’s end, specifically October 1, 2023, will render your PAN card inoperative, affecting your demat account. Ensure you finalize this pending task promptly.

These rule changes signify a dynamic shift in various financial aspects of daily life.


Stay informed and adapt to these alterations to ensure a smooth financial journey ahead.

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