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New rules unveiled: From paperless KYC for SIM to closure of inactive UPI, effective from January 1

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From paperless KYC for SIM to closure of inactive UPI, effective from January 1: As the calendar flips to a new year, January 1 brings forth a set of fresh rules that could significantly impact your daily life. Staying informed about these changes is crucial, considering their direct influence on the common person. Let’s delve into the key regulations set to take effect from the beginning of 2024.

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  1. Paperless KYC for SIM Cards: A notable transformation awaits the process of acquiring SIM cards, as the traditional paper-based Know Your Customer (KYC) procedure gives way to a more streamlined and eco-friendly paperless KYC system. It’s a welcome change that promises efficiency without altering the rules for obtaining new mobile connections.
  2. Inactive UPI Accounts Face Closure: The National Payments Corporation has issued a directive to payment apps, mandating the deactivation of UPI IDs that have remained inactive for over a year. This move aims to enhance the security and efficiency of the Unified Payments Interface, ensuring that users maintain active and relevant accounts.
  3. Cheaper LPG Cylinders in Rajasthan: Residents of Rajasthan can rejoice as LPG cylinders under the Pradhan Mantri Ujjwala Yojana (PMY) are set to become more affordable. Starting from January 1, the cost of these essential cylinders will be reduced to ₹450, down from the current rate of ₹500, providing much-needed relief to households.
  4. Income Tax Return Deadlines: December 31 marks the deadline for both belated and revised Income Tax Returns (ITRs), following the earlier deadline for regular ITRs on July 31. Taxpayers filing belated returns face a maximum penalty of ₹5000, while those opting for revised submissions can do so without incurring any additional cost.
  5. Bank Locker Agreement Renewal: If you are a bank locker holder, don’t forget to sign the revised bank locker agreement by December 31. Failure to do so may result in the freezing of your locker from the very next day, emphasizing the importance of timely compliance with banking regulations.

Understand it

As the calendar ushers in a new year, January 1 introduces fresh rules that stand to significantly impact daily life. Staying informed about these changes is crucial, given their direct influence on the common person.

TopicPaperless KYC for SIM Cards
Paperless KYC for SIM CardsA notable transformation awaits the process of acquiring SIM cards as the traditional paper-based Know Your Customer (KYC) procedure gives way to a more streamlined and eco-friendly paperless KYC system. This welcome change promises efficiency without altering the rules for obtaining new mobile connections.
TopicInactive UPI Accounts Face Closure
Inactive UPI Accounts Face ClosureJanuary 1 brings forth a set of regulations aimed at enhancing the security and efficiency of the Unified Payments Interface (UPI). The National Payments Corporation directs payment apps to deactivate UPI IDs that have remained inactive for over a year. This proactive move ensures that users maintain active and relevant accounts, fortifying the integrity of online transactions. Stay informed about this development as it unfolds and shapes the digital payment landscape.
Topic: Cheaper LPG Cylinders in Rajasthan
Cheaper LPG Cylinders in RajasthanResidents of Rajasthan have reason to rejoice as LPG cylinders under the Pradhan Mantri Ujjwala Yojana (PMY) are set to become more affordable starting January 1. The cost of these essential cylinders will be reduced to ₹450, down from the current rate of ₹500. This significant reduction aims to provide much-needed relief to households, making essential cooking fuel more accessible to the citizens of Rajasthan. Stay tuned for updates on how this change positively impacts households in the region.
TopicIncome tax returns
Income tax returnsMarking the end of the year, December 31 signifies the deadline for both belated and revised Income Tax Returns (ITRs). Following the earlier deadline for regular ITRs on July 31, taxpayers filing belated returns face a maximum penalty of ₹5000. On a positive note, those opting for revised submissions can do so without incurring any additional cost. Stay informed about these deadlines to ensure a smooth and compliant tax filing process, mitigating any potential penalties.
TopicBank Locker Agreement Renewal
Bank Locker Agreement RenewalIf you hold a bank locker, ensure you sign the revised bank locker agreement by December 31 to avoid potential complications. Failure to do so may result in the freezing of your locker from the very next day. This emphasizes the importance of timely compliance with banking regulations. Stay informed about the renewal process to safeguard access to your valuables and navigate the evolving landscape of banking procedures.

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