New Rules: A Note on Changes Coming into Effect from November 1, 2023

There are a few changes in rules that will come into effect from November 1, 2023 onwards. Here’s a look at some of these rule changes, which include:

BSE increases transaction charges on equity derivatives: With effect from November 1, 2023, the BSE is increasing its transaction fees in the equity derivatives segment. These charges will be levied on S&P BSE Sensex Options, which would have an impact on retail investors.

Changes in Goods and Services Tax (GST) for large enterprises: According to the National Informatics Centre (NIC), businesses worth about Rs 100 crore must upload their Goods and Services Tax (GST) challan on the e-challan portal within the next 30 days from November 1, 2023. In this regard, the decision was taken by the GST authority in September 2023.

Know Your Customer (KYC) is mandatory for insurance policyholders: The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all insurance policyholders to do their Know Your Customer (KYC) from November 1, 2023. If they fail to do so, this will affect their claim. Failure to adhere to the rules will result in cancellation of the claim.  Apart from this, they may have to pay some charges, too.

Import restriction deadline for laptops, computers, and tablets: On August 3, 2023, the central government imposed restrictions on importing laptops, tablets, personal computers, and other electronic goods under the HSN 8741 category. The restrictions were deferred till October 31, 2023. However, no official announcement has been made so far. So, a decision in this regard is anticipated from November 1, 2023.

Last chance to invest in special high-rate Fixed Deposits (FDs): The hike in repo rates in the previous financial year had led to several banks starting to increase their Fixed Deposit (FD) rates and also unveiled special FD schemes for specific investment tenures while focusing on regular and senior citizens. However, in November 2023, there is a possibility that several of these newly launched FD schemes from select banks may be discontinued.