New Year New Rule: There will be changes in some rules in the new year, which will affect the pockets of consumers. Starting January 2024, there are several regulations that you should be aware of. This includes rules related to SIM cards to insurance. Let’s find out.
1. Rules relating to SIM cards
The method of SIM card purchase is going to change. The government is planning to regulate the sale and purchase of SIM cards to control online fraud. Now digital KYC is going to be mandatory for SIM card purchase.
Telecom companies will now make it mandatory to provide biometric data to all customers who buy SIMs. Holders of fake SIM cards can be jailed for up to 3 years and fined up to Rs 50 lakh.
2. Rules relating to bank lockers
Customers having lockers in banks have the option to deposit the amount by signing the revised bank locker agreement till December 31. If they fail to do so after that, their lockers will be closed from January 1.
3. Insurance policy
Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has directed all insurance companies to issue a customer information sheet to insurance customers from January 1, in which all important information related to insurance should be explained to them in simple words.
4. UPI account will be closed
The National Payments Corporation of India (NPCI) has asked payment apps and banks like Google Pay, Paytm and PhonePe to deactivate UPI IDs and numbers that have not been active for more than a year. The last date for this has been set as 31 December 2023.
5. Income Tax Return
Taxpayers who have not filed income tax returns for the financial year 2022-23 will not be able to file their belated returns from January 1. Also taxpayers who have errors in their returns will not be able to file their revised returns.
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