Money changes coming into effect from April 2023

Now that the new fiscal year 2023-2024 has started, people should examine their plans since a number of changes will go into force on April 1, 2023. The changes might have a direct or indirect impact on your personal finances and investment portfolio. A few changes to financial rules that might impact your investments and personal finances. The changes that will be made starting in April 2023 are listed below.

Hallmarked gold jewellery to have 6-digit HUID

Without a 6-digit alphanumeric Hallmark Unique Identification Number by March 31, 2023, the Bureau of India Standards (BIS) will not approve the sale of hallmarked gold jewellery or antiquities (HUID). Customers will be protected by this move and will feel more secure purchasing hallmarked gold jewellery with quality certification and traceability.

NPS KYC documents

In an effort to hasten and streamline annuity payments after leaving the National Pension System, the Pension Fund Regulatory and Development Authority (PFRDA) has instructed subscribers to submit specific papers starting on April 1, 2023. (NPS).

The upload of the papers will be required starting on April 1st, 2023, according to a circular from the pension board dated February 22, 2023 to benefit subscribers with the fast distribution of annuity income.

Mahila Samman Savings scheme

A new series of modest savings initiatives for women called the Mahila Samman Savings Scheme was launched in the Budget 2023. Although the government has not yet made all the details public, it was stated in the Budget for 2023 that the programme will continue accepting contributions until March 2025. Under the new plan, female investors may only deposit a maximum of Rs 2 lakh. Under the plan, interest will be given at 7.5%. The course lasts for two years.

Increase in Senior Citizen Savings Scheme deposit limit

In addition to launching a new modest savings programme, the government raised the Senior Citizens Savings Scheme's investment ceiling. Before, the investment ceiling was raised from Rs. 15 lakh to Rs. 30 lakh. So, beginning on April 1, senior citizens will have the opportunity to deposit Rs 30 lakh into the programme. The interest rate is evaluated and revised every quarter during the five-year programme.

Increase in POMIS deposit limit

The government has also increased the Post Office Monthly Income Scheme investment cap (POMIS). The investment cap for a single holding account has increased from Rs. 4.5 lakh to Rs. 9 lakh. The investment cap for joint holding accounts has increased from Rs. 9 lakh to Rs. 15 lakh.