Only one week is left until the new year begins. The new year starts on January 1, 2024, and there will be changes in many financial rules in the country.
Many new financial rules become active on the first day of each month.
Starting January 1, 2024, there will be changes in the rules for Income Tax Return, SIM Card, Demat Account, and Bank Locker.
These changes might have an impact on your finances. Let’s find out about the new financial rules coming into effect next month.
SIM card
After the new Telecom Bill is put into action, there will be changes in the rules for mobile SIM cards.
According to this rule, the telecom company now needs your approval before sending any messages.
In addition, the government has requested telecom companies to complete digital KYC.
Starting January 1, 2024, you will need to confirm your details using biometrics when obtaining a SIM card.
Income Tax Return
If you haven’t submitted your income tax return (ITR) for the financial year 2022-23, you must do so by December 31, 2023. Remember, there’s a penalty for late filing.
If you miss this deadline, authorities can take action against you starting January 1, 2023.
Bank Locker
The Reserve Bank of India (RBI) says to finish renewing bank locker agreements (for Bank Account Holders) by December 31, 2023.
In this renewal, the person using the locker needs to sign a new agreement. Let me inform you that this agreement will start on January 1, 2024.
Demat Account
The Securities and Exchange Board of India (SEBI) has set December 31, 2023, as the final day to add a nominee to the Demat Account.
If account holders don’t add a nominee by then, their account may be frozen starting January 1, 2023.
