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Introduction: New Rules to Start from Jan 1
New Rules to Start from Jan 1: As we approach the dawn of a new year, several rules are set to come into effect on January 1, 2024, bringing changes that directly influence the daily lives of the common person. It’s essential to stay informed about these new regulations to navigate through the evolving landscape seamlessly. In this article, we’ll explore the key rules set to kick in from the first day of the new year.
Paperless KYC for SIM Cards from Jan 1
One significant change awaiting us in the new year is the transition from the existing paper-based Know Your Customer (KYC) process for SIM cards to a more convenient paperless KYC method. While rules for obtaining new mobile connections will remain unchanged, this shift aims to streamline the process, making it quicker and more accessible for consumers.
Closure of Inactive UPIs
New Rules to Start from Jan 1: The National Payments Corporation (NPCI) has directed payment apps to take action against inactive UPI IDs. Effective January 1, UPI IDs dormant for more than a year as of December 31 will be deactivated. This move aims to enhance security and efficiency in the digital payments ecosystem.
Cheaper LPG Cylinders in Rajasthan
For residents in Rajasthan, there’s good news on the economic front. LPG cylinders under the Pradhan Mantri Ujjwala Yojana (PMUY) will be available at a reduced rate of ₹450, down from the current ₹500. This initiative aims to provide relief to households, aligning with the government’s commitment to affordable and accessible cooking gas.
Income Tax Return Deadlines
For individuals dealing with income tax returns, the deadline for both belated and revised returns is December 31. While regular ITRs had a deadline of July 31, those filing belated returns must pay a maximum penalty of ₹5000. However, submitting revised returns remains a free-of-cost process.
Revised Bank Locker Agreements Before December 31
Individuals with bank lockers are urged to sign the revised bank locker agreement by December 31. Failure to comply will result in the freezing of lockers starting from the very next day. This measure ensures that customers are updated on the terms and conditions governing their locker usage.
As the calendar turns to a new year, it brings with it a set of rules that will shape our daily routines. From streamlined KYC processes to economic benefits and essential deadlines, these changes underscore the importance of staying informed. Adapting to these new rules ensures a smoother transition into the evolving landscape of regulations, ultimately benefiting the lives of individuals across various domains. Stay abreast of these changes to start the year on a well-informed note.
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