Mumbai, January 1: As we enter the New Year 2024, some of us will be trying to follow the New Year's resolutions, and some might be making plans for the future. Amid this, there is a list of things that we need to look after for the upcoming year as certain changes may impact our lives and even our personal finances in New Year 2024. UPI Transactions: RBI Announces Regulations and Changes Applicable From January 1, 2024; Check Details Here.

The first month of 2024 is expected to bring with it a plethora of noteworthy changes to numerous rules and regulations that affect the average person, ranging from income tax returns (ITRs) to SIM cards, as the year comes to an end. We at LatestLY bring you the list of key changes coming into effect from January 1, 2024. UPI Transactions Crosses 10 Billion Monthly Transactions Mark for the First Time: NPCI Data.

New Rules and Regulations in 2024:

  • Aadhaar Card: If you want to update your Aadhaar card details, you can do it for free until December 31, 2024. After that, you will have to pay Rs 50 for any changes in your Aadhaar card information.

  • Inactive UPI IDs: The NPCI has issued a circular on November 7, asking banks and payment apps to deactivate UPI IDs and numbers that have not been used for more than a year. All banks and third-party apps have to comply with this by December 31.

  • Bank Locker Agreements: If you have a locker in a bank, you have a deadline to meet. You have to sign the revised bank locker agreement and deposit funds by December 31. Otherwise, your locker will be frozen from January 1.

  • Insurance Policy: The IRDAI has made it compulsory for all insurance companies to provide a customer information sheet to their policyholders from January 1. This document will help you understand the key insurance-related information in simple language.

  • Income Tax Return Filing: If you have not filed your income tax returns for the financial year 2022-23 (AY-2023-24), you will lose the chance to file belated returns from January 1. Also, if you have made any mistakes in your returns, you will not be able to correct them by filing revised returns. So, it is a vital reminder for all taxpayers to follow these new rules.

  • SIM Card Regulations: The new telecom bill has brought some major changes in the way we buy and use SIM cards. To prevent online fraud, the government has imposed strict rules for the sale and purchase of SIM cards. From now on, you will have to do a digital KYC process to get a SIM card. You will also have to give your biometric data to the telecom companies when you buy a SIM card. If you have a fake SIM card, you could face a jail term of up to three years and a fine of Rs 50 lakh. Moreover, SIM sellers will have to go through a rigorous verification process, and they will not be allowed to distribute SIM cards in bulk.

  • Demat Account Holders’ Nomination Declarations: If you have a Demat account, you will have to either give nomination declarations or opt out of nominations by January 1, 2024. If you fail to do so, you will not be able to trade in stocks. The previous deadline for giving nomination details was September 30.

(The above story first appeared on LatestLY on Jan 01, 2024 05:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).