New Year 2024 brings important changes: UPI IDs, bank lockers, SIM KYC

New Year 2024 brings important changes: As soon as we step into the new year of 2024, from the first day of the month, we will witness some new rules and many changes coming into effect.

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Since these changes will directly impact you and the general public, it is crucial to know which rules will be enforced from the first day of the month.

Let’s take a look at the changes coming into effect on January 1, 2024:

1) Inactive UPI IDs:

The National Payments Corporation of India (NPCI) has instructed payment apps and banks in a circular dated November 7 to deactivate those UPI IDs and numbers that have been inactive for more than a year. Every bank and third-party app must comply with this by December 31.

2) Bank locker agreement

According to the Reserve Bank of India (RBI), customers will need to sign a new agreement with their banks under the new rules for secure deposit lockers. Customers will be allowed to use the locker only until they pay the rent. The deadline for the agreement is December 31, 2023.

3) Deadline for Late Income Tax Return Filing:

The deadline for filing income tax returns with penalty fees for the financial year 2022-23 was also until December 31, 2023. As per Section 234F of the Income Tax Act, individuals failing to file their returns before the regular deadline will be penalized.

The penalty for missing the deadline is ₹5,000, although those whose total income is less than ₹5 lakh will only have to pay a reduced penalty of ₹1,000.

Also read: The method of buying a SIM card is changing from tomorrow, now it will be done through eKYC. Learn what the rules are?

4) No Paper-Based KYC for SIM Cards:

Mobile phone users will be able to obtain new SIM cards without filling out paper forms from the first day of 2024. The Department of Telecommunications (DoT) will initiate a paperless Know Your Customer (KYC) process, which will be concluded by January 1, eliminating the existing paper-based KYC process.

5) Increased Prices of Vehicles:

Several vehicle manufacturers in India, including Maruti Suzuki, Mahindra & Mahindra, and Audi India, have announced plans to increase the prices of their passenger vehicles in January 2024.

This seems to cover various changes in banking, taxation, telecommunications, and the automotive sector that are set to take place from the beginning of the year 2024.