5 big changes from Nov 1: OTP for LPG delivery, KYC for insurance

From November 1, a KYC verification will become mandatory for seeking health and general insurance. Consumers will have to provide an OTP to get home delivery of LPG cylinders

November 1 changes
The Indian Railways has announced a new timetable for its long-distance trains. According to reports, timings of 13,000 passenger trains, 7,000 good's trains will change from November 1 | Pic: iStock

Five major changes will come into effect from November 1, 2022 which will have an immediate impact on the common man, in one way or the other.

For instance, from November 1, a KYC verification will become mandatory for seeking health and general insurance. Consumers will have to provide an OTP to get home delivery of LPG cylinders. A four-digit HSN code will be mandatory to file GST returns with a turnover of less than ₹5 crore

Also Read: Demonetisation behind the buoyancy in tax collections, says RBI MPC member

The Federal lists five changes coming into effect from November 1.

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1) KYC mandatory for insurance policies: The Insurance Regulatory and Development Authority of India (IRDAI) stated that KYC verification would become mandatory for health and general insurance starting November 1, 2022. The deadline for the same would not be extended further.

KYC verification was voluntary till October 31, 2022.

2) Mandatory four-digit HSN code: For GST returns with a turnover of fewer than ₹5 crore, it will be mandatory for the taxpayers to provide a four-digit HSN code starting November 1, 2022.

Also Read: Use of LPG by pregnant women not linked to weight of newborns: study

3)OTP mandatory for home delivery of LPG cylinder: From November 1, 2022, it will become mandatory for consumers to provide an OTP for home delivery of LPG cylinders.

The OTP which will be received while booking the cylinder has to be provided at the time of delivery.

4) Delhi electricity subsidy rule: Delhi Chief Minister Arvind Kejriwal had in September announced October 31 as the last date to apply for power subsidy for the month of November.

Those who have not applied for the subsidy will be paying their non-subsidised bills. Of the 58 lakh domestic power consumers in Delhi, 47 lakh avail the subsidy.

Also Read: 65 people from across states arrested for duping Delhiites with electricity bill trick

5) New timetable for trains: The Indian Railways has announced a new timetable for its long-distance trains. According to reports, timings of 13,000 passenger trains, and 7,000 goods trains will change from November 1.

Timings of 30 Rajdhani trains will also change starting November 1.

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