New Year 2024 Finance Updates: 5 Major Changes from January 1st

New Year 2024: The start of a new year is soon coming. Everyone is ready to ring in the new year.

However, starting on January 1st of this year, the finance industry will undergo some significant changes.

Bank Locker Agreement

Bank locker
Bank Locker Agreement

As per the recent regulations implemented by the Reserve Bank of India (RBI), individuals who utilize their bank’s locker service must execute a fresh contract by December 31, 2023. You will not be permitted to use your locker if the rent is not paid.

No KYC on paper for SIM cards

simcards
No KYC on paper for SIM cards

As of January 1, 2024, obtaining a new SIM card will no longer require filling out any forms. The Department of Telecommunications (DoT) announced that starting on January 1, 2024, paper-based know-your-customer (KYC) will no longer be offered.

New UPI ID Regulation

upi
New UPI ID Regulation

The UPI IDs on payment applications like PhonePe and Gpay that have been closed for more than a year will permanently be closed as of today. In a circular dated November 7, 2023, the National Payments Corporation of India (NPCI) requested that all major banks and payment apps begin implementing the new rule by December 31, 2023.

Vehicle Price Increase

cars of different brands
Vehicle Price Increase

Vehicle costs are going to rise, so be ready. Major automakers in India, including Maruti Suzuki, Mahindra & Mahindra, and Audi India, have said that they will raise their vehicle pricing starting in January 2024.

ITR Filing Deadline

The deadline for filing an income tax return for the years 2022–2023 was December 31, 2023, if you were required to pay taxes. A person who files an ITR after the deadline and receives a penalty of ₹ 5,000 is subject to the Income Tax Act’s Section 234F. However, the fine for individuals earning less than ₹ 5 lakh is ₹ 1,000.

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