Reetu | Jan 3, 2024 |
Important Changes Applicable w.e.f. 1st January 2024
The Year 2024 has officially begun. Many significant changes in the rules affecting the ordinary man are taking place in the new year 2024. From changing rules related to SIM cards to Income tax returns (ITR) and many more.
Let’s know about these changes.
An important deadline for people who have bank lockers is December 31, 2023. Those who have not signed the updated bank locker agreement yet may have their lockers frozen beginning, January 1. Banks will begin making choices in this regard as of today.
According to NPCI‘s new guidelines, if a UPI user does not make any transactions using his UPI ID for one year, his UPI ID will be closed. Even if a customer checks his account amount more than once in a year, his ID will not be blocked.
The Insurance Trinity Project is set to begin in the new year. The project plans to achieve a variety of goals, including insurance facilitation, insurance extension, and insurance carrier products. There is a strategy to make purchasing products or services easier through Bima Sugam. The goal is to provide inexpensive insurance coverage through insurance expansion. At the same time, the aim is to contribute to women’s empowerment via insurance carriers. The official launch of these products can be done in January.
The Insurance Regulatory and Development Authority of India (IRDAI) has made it essential for all insurance companies to provide customer information sheets to policyholders beginning January 1. The purpose of this document is to explain important information related to insurance in simple words.
With the adoption of the new Telecom Bill, the method of obtaining and maintaining SIM cards will change on January 1, 2024. To combat online fraud, the government has imposed rigorous laws governing the selling and purchase of SIM cards. To obtain a SIM card, you must now go through the digital Know Your Customer (KYC) process. Customers would be obliged to provide biometric data to telecom companies throughout the SIM card acquisition procedure. Possession of a forged SIM card can result in up to three years in prison and a fine of Rs. 50 lakh. Furthermore, SIM sellers will now be able to sell SIMs only after full verification. SIM card distribution in bulk would also be prohibited.
Taxpayers who have not filed their income tax returns for the financial year 2022-23 (Assessment Year 2023-24) will no longer be able to do so as of today. Individuals who have errors on their taxes will likewise be unable to file updated returns.
If you trade in the stock market, you must open a demat account by June 2024. Previously, the deadline had been set for December 31, 2023.
The deadline for free changes to Aadhar card details was also December 31, 2023. People who want to modify their personal information in their Aadhaar card will have to pay an amount of Rs. 50.
Banks have a lot of holidays in January, and banks will be closed for 16 days in January 2024 (Bank Holiday In January 2024). Except for Republic Day (January 26), these are weekly Sunday and Saturday holidays.
Sending parcels both offline and online may become more expensive in 2024. Companies such as DHL and Bluedart have stated that they will raise parcel delivery prices by roughly 7% in the new year. In addition, automobile manufacturers Maruti, Mahindra, Kia, Hyundai, Honda, and Tata, as well as Toyota, have suggested that they will raise the pricing of their commercial vehicles by 2%. In such a case, the pricing of various vehicles may vary in the near future.
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