Greeting To All Our Readers!
We Wish All Our Readers, A Very Happy, Prosperous, And Healthy New Year 2022!
The Year 2022 started, people all around the world, are trying their best to place their resolutions in January 2022! In the meanwhile, we also suggest you, revisit your financial things like, your spending, investments, insurance policies, etc.
We suggest reworking your financial things to plan a better financial life amid the pandemic. Well, below we are discussing some of the changes in money matters that will be effective from the New Year 2022!
Have a look at these!
Nominees Necessary If You Hold An EPF………..
If you are an employee and hold an Employees’ Provident Fund (EPF) account, then hope your EPF account has a nominee registered. In case if your EPF account has no nominee registered then it may result in losing several benefits from January 1.
The EPFO body has asked for nominations so that in case of the untimely demise of the EPF subscriber, the nominee can easily file the claim online. On the EPF website, you can nominate more than one person and mention the percentage share.
Cash Withdrawals From ATMs Got Expensive………..
Cash withdrawal from ATMs got expensive from January after the cash withdrawal limit is exhausted. According to an RBI notification in June 2020, customers are eligible for three free transactions from other banks in metro cities and five free transactions in non-metro cities effective from January 1, 2021.
The customers will have to pay Rs 21 per transaction at their own banks' ATMs to withdraw money once the limit is exceeded, earlier the charges were Rs 20.
Revised Risk Management Framework For Mutual Funds……..
To protect the interests of investors and to ensure that mutual funds render a high standard of service, SEBI has revised the risk management framework (RMF), which is effective from January 1.
SEBI’s new RMF terms risk management as an independent and specific function of the asset management company. For each risk, such as investment risk, compliance risk, operational risk, and cyber security, the asset management company (AMC) should appoint a dedicated risk officer.
Besides these, there should be a chief risk officer (CRO) in each asset management company. The RMF specifies the policies, procedures, roles, and risk management functions of the management, board of the AMC, and board of the trustees. SEBI's revised RMF also expressed the need for monitoring risks associated with managing distribution channels and processes around commission payouts.
Keep reading our article and stay updated with the latest news about Mutual Funds!
For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).