New Year 2024: 5 Major Changes in the World of Finance from January 1, 2024!

Get ready for 2024 because the world of finance is about to undergo some major changes starting January 1. From new rules for UPI IDs to the requirement of signing a new bank locker agreement, there will be a lot to keep track of. Additionally, the deadline for filing income tax returns is approaching and there will be no more paper-based KYC for SIM cards. On top of all that, vehicle prices are set to increase. Stay informed and prepared for these financial changes that will impact all of us.

New UPI ID Rule

Hey there! We have some exciting news for users of payment apps like PhonePe and Gpay. Starting from January 1, 2024, if your UPI IDs have been inactive for more than a year, they will be permanently disabled. That’s right, it’s important to keep your UPI IDs active to ensure smooth transactions and avoid any inconvenience. So, make sure you use your payment apps regularly to keep your UPI IDs active and enjoy hassle-free transactions!

Bank Locker Agreement

Are you someone who uses a bank locker? If so, here’s something important for you to know. From December 31, 2023, onwards, you will be required to sign a new agreement for your bank locker. This is a mandatory step to continue using the locker facility. Additionally, if you haven’t paid the rent for your locker, you won’t be allowed to use it until the rent is settled. So, remember to sign the new agreement and keep your rent paid to ensure uninterrupted access to your locker.

New Year 2024: 5 Major Changes in the World of Finance from January 1, 2024!

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ITR Filing Deadline

For those of you who file income tax returns, mark your calendars! The deadline for filing your income tax returns for the financial year 2022-23 was December 31, 2023. It’s important to file your returns on time to avoid any penalties. According to Section 234F of the Income Tax Act, if you file your returns late, you may have to pay a penalty. The penalty amount is Rs. 5,000 for late filing, but if your income is below Rs. 5 lakhs, the penalty is reduced to Rs. 1,000. So, make sure you meet the deadline and avoid any unnecessary penalties.

No paper-based KYC for SIM cards

Starting from January 1, 2024, there’s a change coming for those planning to get a new SIM card. You will no longer be required to fill out any paper-based know-your-customer (KYC) forms. The Department of Telecommunications (DoT) has issued a notification stating that paper-based KYC will be discontinued from the mentioned date. This is great news for convenience and efficiency when it comes to acquiring a new SIM card.

New Year 2024: 5 Major Changes in the World of Finance from January 1, 2024!

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Vehicle Price Increase

Attention car enthusiasts! Brace yourselves for an increase in vehicle prices starting from January 2024. Major automobile companies like Maruti Suzuki, Mahindra & Mahindra, and Audi India have announced that the prices of their vehicles will be hiked. So, if you’re planning to buy a new car next year, keep in mind that the prices will be higher. Stay updated with the latest price changes from your favorite car manufacturers to make an informed decision.

New Year 2024 Financial Changes

With the arrival of the new year, several financial changes have taken effect. Let’s take a look at some of the key updates:

Sukanya Samriddhi Yojana

Girls’ education and empowerment are priorities for the government, and that’s why they are offering a fantastic interest rate of 8.20% through the Sukanya Samriddhi Yojana. This scheme aims to provide financial security and educational opportunities for girls. It’s a great investment plan for parents who want to secure their daughters’ future. Make sure to explore the complete details of the scheme and consider taking advantage of this beneficial initiative.

FD Big Update

Here’s an exciting update for those interested in fixed deposits. One of the leading banks is offering a remarkable return of 9.5% on fixed deposits. With this attractive interest rate, it’s a great opportunity to grow your savings. Don’t miss out on this chance to earn a higher return on your investment. Make sure to check the eligibility criteria and application process to make the most of this fantastic offer.

RBI UPI New Limit

Good news for UPI users! The RBI has recently introduced new limits for UPI payments. Now, you can make payments of a higher amount in a single transaction through UPI. This new limit allows for more convenient and effortless transactions. Stay updated with the latest guidelines and make the most of this enhanced UPI payment option.

These were just a few of the significant financial changes taking place in the new year. Make sure to stay informed about the latest updates to make wise financial decisions and leverage any opportunities that come your way.

New Year 2024: 5 Major Changes in the World of Finance from January 1, 2024!

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In conclusion, the new year brings forth several changes and updates in various aspects of our lives, particularly in the financial domain. It’s essential to stay informed about these changes to avoid any inconveniences and maximize the opportunities available. Whether it’s the new UPI ID rule, bank locker agreements, ITR filing deadlines, KYC updates, vehicle price increases, or financial scheme updates, keeping yourself updated will help you navigate these changes smoothly and make informed decisions for a prosperous year ahead.

Pramod Kumar Yadav is from Janakpur Dham, Nepal. He was born on December 23, 1994, and has one elder brother and two elder sisters. He completed his education at various schools and colleges in Nepal and completed a degree in Computer Science Engineering from MITS in Andhra Pradesh, India. Pramod has worked as the owner of RC Educational Foundation Pvt Ltd, a teacher, and an Educational Consultant, and is currently working as an Engineer and Digital Marketer.

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