Rules that will impact your daily life from January. Check details
Rules that will impact your daily life from January. Check details
By being aware of the rules, you can make sure things work well and avoid any issues. So, stay informed about the changes that will come into effect from January for a better and easier experience in our day-to-day activities.
Starting from January 1, here are some regulations that will directly influence the day-to-day life of the common man:
Demat account holders’ nomination declarations: Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.
Paperless KYC for SIM cards: On the first day of the new year, the existing process of paper-based Know Your Customer (KYC) process will be replaced by paperless KYC. Rules for new mobile connections, however, remain unchanged.
Bank locker agreement: People with bank lockers must sign the revised bank locker agreement by December 31, failing which, starting from the very next day, their lockers will be frozen.
Inactive UPI accounts to close: The National Payments Corporation (NPCI) has directed payments apps to deactivate UPI IDs that remain inactive for more than a year as of December 31.
Aadhaar Card: Aadhaar card holders wanting to change their details will be able to do so till December 31, 2023. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card
Income tax returns: December 31 is the deadline for both belated and revised ITRs (July 31 was the deadline for regular ITRs). People will not be able to file Income Tax Returns (ITR) for the financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with a penalty fee till December 31.
