As we step into the new year, it’s crucial to be aware of the regulatory changes that will directly affect our daily lives. From financial transactions to personal documentation, here are some key rules coming into effect from January 1, 2024:
1. Demat Account Nomination Declarations:
- Deadline: January 1, 2024
- Demat account holders must submit nomination declarations or opt out by this date. Failure to do so will result in the inability to transact in stocks. The earlier deadline for nomination details was September 30.
2. Paperless KYC for SIM Cards:
- Effective: January 1, 2024
- The paper-based Know Your Customer (KYC) process for SIM cards will be replaced by a paperless system. Note that rules for new mobile connections will remain unchanged.
3. Revised Bank Locker Agreement:
- Deadline: December 31, 2023
- Individuals with bank lockers must sign the revised agreement by this date. Failure to comply will result in the freezing of lockers starting from the next day.
4. Deactivation of Inactive UPI Accounts:
- Action by December 31, 2023
- The National Payments Corporation (NPCI) has mandated the deactivation of UPI IDs inactive for over a year. Payment apps are directed to implement this by the end of the year.
5. Aadhaar Card Updates:
- Changes Accepted Till December 31, 2023
- Aadhaar card holders seeking changes in personal details have until the end of the year to do so without incurring any fees. Post this date, a fee of Rs 50 will be imposed.
6. Income Tax Returns:
- Deadline for Belated and Revised ITRs: December 31, 2023
- Those who haven’t filed Income Tax Returns (ITR) for the financial year 2022-23 can do so with a penalty fee until December 31. From January 1, 2024, filing ITR for the said financial year will not be possible.
By staying informed and adhering to these changes, you can ensure a smoother experience in your day-to-day activities as the new year unfolds.
