Highlights

  • Payment apps and banks must deactivate UPI IDs inactive for over a year by December 31st
  • From January 1st, 2024, the paper-based KYC process for acquiring new SIM cards will cease

Latest news

Will TRAI's recommendations reduce menace of spam calls? | The India Story

Will TRAI's recommendations reduce menace of spam calls? | The India Story

Forget fancy hotels, Ambanis have arranged mega luxurious tents for guests at Jamnagar | Watch

Forget fancy hotels, Ambanis have arranged mega luxurious tents for guests at Jamnagar | Watch

Diljit Dosanjh, Vicky-Katrina, Shahid Kapoor & more: The latest arrivals at Jamnagar

Diljit Dosanjh, Vicky-Katrina, Shahid Kapoor & more: The latest arrivals at Jamnagar

Spanish woman gang-raped in Jharkhand, 3 arrested

Spanish woman gang-raped in Jharkhand, 3 arrested

Orca terror in South Africa: killer whale mauls great white shark in minutes

Orca terror in South Africa: killer whale mauls great white shark in minutes

Rishabh Pant to get clearance from NCA on March 5, confirms Sourav Ganguly | IPL 2024

Rishabh Pant to get clearance from NCA on March 5, confirms Sourav Ganguly | IPL 2024

Watch: Rihanna grooves on 'Zingaat' with Janhvi Kapoor, Bollywood actor shares video

Watch: Rihanna grooves on 'Zingaat' with Janhvi Kapoor, Bollywood actor shares video

Bengaluru blast: CM Siddaramaiah meets victims, says suspect will be caught easily

Bengaluru blast: CM Siddaramaiah meets victims, says suspect will be caught easily

Financial Tasks: 5 key personal finance to-dos before December 31

The deadline for filing Income Tax Returns for the fiscal year 2022-23, with penalty fees, is also approaching on December 31st

Financial Tasks: 5 key personal finance to-dos before December 31

As we near the close of 2023 and welcome the dawn of 2024, a series of financial changes are set to take effect from January 1st. To ensure a smooth transition, here's a checklist of crucial financial tasks to complete by December 31st:

1. Demat account and MF nominations: Existing demat account holders have until December 31st, 2023, to nominate their choices, as per the extension provided by SEBI. Additionally, physical security holders need to submit PAN, nomination, contact, and bank account details along with specimen signatures for their folio numbers by the same date.

2. Inactive UPI IDs:
As per the NPCI circular dated November 7th, payment apps and banks must deactivate UPI IDs inactive for over a year by December 31st. The move aims to prevent unintended money transfers due to old mobile numbers being issued to new users.

3. Bank locker agreement: Under new RBI rules, customers using safe deposit lockers must sign a fresh agreement with their banks by December 31st to retain locker usage, tied to rent payments.

4. Belated ITR filing: The deadline for filing Income Tax Returns for the fiscal year 2022-23, with penalty fees, is also approaching on December 31st. Late filing incurs a penalty under Section 234F, with a reduced fee of ₹1,000 for taxpayers with incomes below ₹5 lakh.

5. No paper-based KYC for SIM cards: Starting January 1, 2024, individuals applying for new SIM cards won't have to go through the paper-based Know Your Customer (KYC) process anymore. The Department of Telecommunications (DoT) has announced its removal.

Completing these essential financial tasks by December 31st will ensure compliance with regulatory changes and a seamless transition into the upcoming year.


Up Next

Financial Tasks: 5 key personal finance to-dos before December 31

Financial Tasks: 5 key personal finance to-dos before December 31

Anant Ambani-Radhika Merchant pre-wedding celebration cost revealed

Anant Ambani-Radhika Merchant pre-wedding celebration cost revealed

Sensex, Nifty hit another record high during special trading session

Sensex, Nifty hit another record high during special trading session

Google removes Naukri and 99acres apps from play store over billing policy violations

Google removes Naukri and 99acres apps from play store over billing policy violations

Paytm Payments Bank hit with Rs 5.49 cr fine for money laundering violations

Paytm Payments Bank hit with Rs 5.49 cr fine for money laundering violations

Invest Smart 2024: Financial products every woman should invest in

Invest Smart 2024: Financial products every woman should invest in

More videos

Elon Musk sues OpenAI and CEO Sam Altman for contract breach

Elon Musk sues OpenAI and CEO Sam Altman for contract breach

February GST collection at Rs 1.68 lakh crore, up 12.5%

February GST collection at Rs 1.68 lakh crore, up 12.5%

97.62% of Rs 2,000 currency notes returned; says RBI

97.62% of Rs 2,000 currency notes returned; says RBI

Rihanna's whopping paycheck for Ambani pre-wedding event revealed

Rihanna's whopping paycheck for Ambani pre-wedding event revealed

Stock exchanges BSE and NSE to conduct special live trading session on Saturday; here's why

Stock exchanges BSE and NSE to conduct special live trading session on Saturday; here's why

From tax-saving deadline to FASTag KYC: Here are 5 critical dates you can't miss in March 2024

From tax-saving deadline to FASTag KYC: Here are 5 critical dates you can't miss in March 2024

GDP for Q3 FY24 forecast to be 6.8%: SBI Ecowrap

GDP for Q3 FY24 forecast to be 6.8%: SBI Ecowrap

Markets spike, hit new record highs after better than expected GDP numbers

Markets spike, hit new record highs after better than expected GDP numbers

Gold, Silver Price Today March 01, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today March 01, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 29, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 29, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.