- Date : 04/10/2021
- Read: 4 mins
Find out how the nine new changes being implemented from 1 October 2021 will affect the common person.

A string of changes has been made effective from 1 October 2021 across a variety of sectors. Most of these changes are set to affect the common person, starting from banking transactions, trading, liquor consumption, social hygiene, as well as business. These changes include,
1. Discontinuation of recurring payments or auto-debit, unless the same complies with the Additional Factor of Authentication (AFA).
What does the auto-debit rule cover, and how it will affect you?
In December last year, the RBI had instructed all banks that in the absence of AFA compliance, all recurring domestic or international payments are made through cards, Prepaid Payment Instruments (PPI), and Unified Payment Interfaces (UPI) should be discontinued by 31 March 2021. After an extension, this has now been implemented.
Auto-debits will now be done only after the approval of the customer. The bank will send a notification to the customer 24 hours before the payment due date. As per RBI's new AFA norms, banks will share a one-time password for bills over Rs 5,000. Customers will have the option to modify or cancel the debit transaction. Payments like phone recharge, utility bills, OTT subscription, website subscription, etc., are examples of auto-debit transactions that will be affected. However, transactions like loan EMI, SIP and insurance premiums will not be affected.
2. Pensioners above the age of 80 can now submit their life certificates digitally in Jeevan Praman Centres in post offices.
How is the pension life certificate being digitised?
The Government of India is digitising the process of securing a life certificate. These digital life certificates will be known as Jeevan Praman. The Aadhaar platform will be used to authenticate the biometrics of the pensioner. These Jeevan Praman certificates will be submitted at Jeevan Praman Centres in post offices.
3. Private liquor shops in Delhi will remain closed for a month. They form 40% of the capital’s liquor stores. New license holders will open their shops on 17 November 2021. During this period, government liquor shops will be operational but cease operations from the date mentioned above.
4. Cheque books of Allahabad Bank, Oriental Bank of Commerce and Union Bank of India becomes invalid from 1 October 2021. Customers of these banks will have to apply for new cheque books.
5. New investors opening a trading and Demat account will have to choose between providing or not providing a nominee for the account. Existing investors, too, have to disclose the same before 31 March 2022.
6. In October, the government will initiate a Clean India Drive; to collect and process over 75 lakh tonnes of waste. Single-use plastic will be a core focus area of this drive.
7. SEBI has instructed Asset Management Companies to disburse 20% of the salary to designated employees in units of the mutual fund schemes. Employees involved in the management of mutual fund schemes will receive units of such schemes.
How will the AMC employee salary rule be implemented?
Junior employees below the age of 35 will invest 10% of their salary in the first year of implementation, which will increase to 15% in the second year. From 1 October 2023, their share of investment will increase to 20%. In the case of all other employees, 20% of their salary will be in units of the mutual fund schemes from the first year itself. This will apply to designated employees who have a role in the management or oversight of the schemes. The specified portion will be mandatorily invested in units in a move to align the interest of the designated employees with the mutual fund investors.
8. The Ordnance Factory Board (OFB) is being dissolved and split into seven new Public Sector Undertakings (PSUs). The 41 factories, staff and management of the OFB will be allocated across these defence PSUs.
9. Food business operators will now have to print their 14-digit FSSAI (Food Safety and Standards Authority of India) registration and licence number on all their bills and invoices. This will ensure FSSAI registration and make it easier for customers to access information on the FBO or complain.