Starting October 1, several rules related to payments, bookings and charges levied on them will get changed. These new rules will directly impact spending, driving consumption during the festive season. The changes come at a time when the new GST regime is expected to boost the sales of various products, and is likely to infuse more money in the economy.
Mostly, the changes would be in payment rules, NPS, and IRCTC ticket booking among others.
UPI payment system
The National Payments Corporation of India (NPCI), which oversees the entire UPI payment system, will remove the collect request or pull transaction feature from October 1. The measure is being taken to reduce the cases of fraud and scams as this feature allows people to request for money, and hence is used by scammers a number of times.
National Pension Scheme
From October 1, the National Pension Scheme (popularly known as NPS), will allow 100% equity investment and the introduction of the Multiple Scheme Framework (MSF). The restrictions on limited equity investments will be removed and the non-government sector subscribers will be allowed to invest up to 100% in equity under the Multiple Scheme Framework (MSF).
However, this will also carry risks, as equity markets are highly volatile.
IRCTC ticket booking rules
Train ticket booking is and concerns around it affects a large number of the population as most of the ticket booking is being done through mobile application or the IRCTC website. However, the involvement of agents severely impacted the accessibility of the application.
Earlier, the government made the changes to allow only people with Aadhaar authentication to access the app and book tickets. Now, from October 1, Aadhaar verified citizens will be able to book tickets for the first 15 minutes, and during this time, the agents won’t be allowed to book any ticket.
This will allow millions of passengers to book their seats on time, as soon the booking opens.