5 financial changes coming into effect from November 1 2023

Today marks the beginning of November, and in the financial sector, several significant changes are set to occur. It is, therefore, important to know which new financial rules will come into force starting November 1. 

Gas price: Every month, on the first day, the rates of CNG (compressed natural gas), LPG (liquefied petroleum gas) and PNG (piped natural gas) are fixed for that month, and announced.

E-challan: As per the National Informatics Centre (NIC), businesses worth at least ₹100 crore must upload their GST challan on the e-challan portal within the next 30 days.

Laptop import: On August 3, the government imposed immediate restrictions on import of seven items, including laptops, personal computers (PCs) and tablets under the HSN 8741 category. A day later, however, the restrictions were deferred till October 31, i.e., today. Until a further policy change is announced, the clearance of these seven items will now require a valid ‘License for Restricted Imports.’

Reopen lapsed LIC policy: If any of your LIC policies have lapsed and you want to restart it, you have a chance till 31st October. LIC has launched a special campaign (LIC Policy Revival Campaign) to revive the lapsed policy. 

Transaction fees: The Bombay Stock Exchange (BSE) will hike charges for transactions in the equity derivative segment. The BSE made an announcement in this regard on October 20.