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5 changes coming into effect from Nov 1 and how this will impact you

KYC is a norm for purchasing any insurance policy, however, from November 1, it will be more strictly enforced.

New Delhi: Come November 1, rules of many public utility services will change thus affecting the daily schedule of common people. You will have to adjust the changes as per new rules & regulations coming into effect from 1st November 2022.

Below are the scheduled changes:

OTP for LPG cylinder delivery & proposed price hike

Though the service has begun but come November 1 and it will become mandatory. Those booking new cylinders will be issued an OTP on their registered mobile number. At the time of delivery, you will have to compulsorily provide the OTP number.

The Price of LPG cylinders are likely to see fresh hike making the cooking food ever more dearer. If this happens, this will be 5th hike in cooking case rates in the national capital. A LPG cylinder in Delhi currently costs Rs 899.50.

New norm for getting power subsidy in Delhi

As earlier pronounced by Kerjiwal government, any customer wanting to avail electricity subsidy will now have to submit request for the same. Delhi CM had announced that only those applying for power subsidy will get it from November. October 31 is the last date for availing power subsidy for November. Currently, there are about 58 lakh power meters in Delhi, out of which 47 lakh are covered under subsidized category.

New timetable for Trains

From November 1, the schedule of many long distance trains will change. As per reports, timings of over 7,000 trains will change while 13,000 passenger trains will also see change in their timings. About 30 Rajdhani train commuters will also have to adjust their schedule as per new timings.

KYC mandatory for Insurance claims

KYC is a norm for purchasing any insurance policy, however, from November 1, it will be more strictly enforced. The Insurance Regulatory and Development Authority of India (IRDAI) has said that KYC verification is mandatory for health and general insurance from November 01, 2022.

HSN code for GST return:

Taxpayers will be issued a four-digit HSN code in lieu of GST return. This will be applicable to businesses with GST return of less than Rs 5 crore.