As the second quarter of this financial year is set to culminate next month, there are a litany of deadlines looming ahead.
Although these deadlines are unrelated to each other, but since time is of great essence, we find this an opportune time to collate all the relevant ones at one place, barring the ones that relate to your credit card bills, so on and so forth.
First and foremost, the last date to exchange or deposit ₹2,000 currency notes is Sept 30, if not done yet, Likewise, the last date to pay second instalment of advance tax is Sept 15.
Exchage of ₹2,000 currency notes: As we know that the deadline to exchange ₹2,000 currency notes is Sept 30. The Reserve Bank of India had given four months to either exchange or deposit ₹2,000 notes. Once this deadline is passed, customers will not be able to exchange their notes unless this deadline is passed.
The banking regulator on May 19 had stated that, “The members of the public are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023. The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments until September 30, 2023.”
SBI’s WeCare fixed deposit (FD) scheme: State Bank of India (SBI) has extended its special senior citizen scheme i.e., SBI WeCare that offers higher interest rates to senior citizens on tenures between 5 years to 10 years. The scheme is valid till September 30, 2023.
The scheme enables senior citizens to earn 100 basis points higher than the regular fixed deposit schemes.
Second advance tax deadline: The last date to pay the second instalment of advance tax would fall on Sept 15 by when taxpayers are supposed to pay around 45 percent of their total tax liability.
The last deadline was three months ago in June when taxpayers were supposed to clear 15 percent of tax liability.
Nomination or opt out for investments: The last date for mutual fund investors to declare nomination or to opt out of nomination is Sept 30, failing which the mutual fund folio would get frozen.
“Based on representations received from the market participants, it has been decided that the provision mentioned at para 4 of SEBI circular dated June 15, 2022 with regard to freezing of folios, shall come into force with effect from September 30, 2023,” reads the Sebi circular dated March 28.
In a circular dated June 15, 2022, capital markets regulator Sebi made the nomination mandatory for the existing mutual fund folios including the jointly held ones.
Earlier the deadline was Aug 1, last year which was extended twice -- first to Oct 1, 2022 and later to March 31, 2023. Finally, it has now been extended to Sept 30, 2023.
To sum up, it is advisable to avoid the last-minute rush and tie the loose ends, if any. Instead of exchanging the left-over currency notes at a bank branch at the eleventh hour or sending your application for opting out of nomination process of demat account – it is ingenious to do it beforehand.