Rules changing from January 1 in 2024: Everything you need to know about them in detail

Rules changing from January 1: As the brand new 12 months is simply across the nook, a number of guidelines associated to peoples’ work in day-to-day life will change. Let’s check out some key modifications which can happen from January 1, 2024.

Demat account holders’ nomination declarations

Demat account holders could have to present nomination declarations or choose out of nominations by January 1, 2024. Account holders failing to accomplish that will be unable to transact in shares. Earlier, the deadline to furnish nomination particulars was September 30. 

Aadhaar Card 

Aadhaar card holders wanting to change their particulars can be ready to accomplish that until December 31, 2024. However publish this date, an quantity of Rs 50 can be imposed on these wanting to change their private particulars in the Aadhaar card.

KYC for SIM card

All KYC-related work can be performed in digital mode solely. People making use of for brand new SIM playing cards is not going to have to fill out paper kinds for the Know-Your-Customer course of. 

Bank locker settlement 

People holding lockers in banks could have to signal the revised settlement by December 31, 2023. If clients will fail to accomplish that, their lockers can be frozen.

New rule to save customers from on-line fraud

As smartphone utilization has upscaled in India, on-line fraud and scams have upscaled and have seen a parallel enhance. The authorities has been taking a decisive stance to curb these points.

Legal penalties for pretend SIMs

As per the brand new Telecommunication Bill, people who can be discovered buying pretend SIM playing cards can be dealing with extreme penalties and the offenders will additional be subjected to a jail time period of up to 3 years and a tremendous price Rs 50 lakh.

Mandatory biometric particulars for verification

Telecom corporations will now gather biometric information which can be mandated for each buyer who’s buying a SIM card. The inclusion of biometric particulars is a measure to safeguard fraudulent SIM card transactions and ensures strict motion towards the offenders.

Income Tax Return 

People will be unable to file Income Tax Returns (ITR) for monetary 12 months 2022-23 from January 1, 2024. Those who haven’t filed ITR for 2022-23 can file them with penalty price until December 31.

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