New debit, credit card, TCS rules, special FD deadlines, LIC campaign late date: 6 big money changes in October 2023
October also many financial deadlines and changes that can have impact on your money matters. These include the new TCS (tax collected at source) rule, special FD deadlines, new debit card rule and more. Here is a list of 7 money changes in October 2023.
1. TCS rule from October 1, 2023
The new tax collection at source (TCS) rates will take effect on October 1st, 2023. You must pay TCS if your spending exceeds a specific threshold in a fiscal year, regardless of whether you are taking a trip overseas, investing in foreign equities, mutual funds, or cryptocurrencies, or going abroad for further education.
Also read: New 20% TCS rule from October 1, 2023: Know TCS rates on international trips, forex payments, debit, credit card, education, foreign investments
The Reserve Bank of India (RBI)'s Liberalised Remittance Scheme (LRS) allows you to send up to $250,000 in one fiscal year. Beginning on October 1, 2023, a TCS of 20% would be applied to all international remittances over a threshold of Rs 7 lakh made within a fiscal year, excluding those made for medical and educational expenses.
2. Debit card, credit card rule
The Reserve Bank of India (RBI) has proposed that you be given the option of selecting your network provider for your debit card, credit card, or prepaid card. At the moment, when you apply for a debit or credit card, the network provider is normally determined by the card issuer.
Starting from October 1, 2023, the regulator wants the bank to offer cards on multiple networks and give customers the option to select their preferred card network. «Card issuers shall provide an option to their eligible customers to choose any one among the multiple card networks. This option may be exercised by customers
