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Rules changing from January 1 in 2024: Everything you need to know about them in detail

Several rules related to day-to-day life including bank work, Income Tax Returns, among others will change from January 1, 2024. Let's take a look at what will change from new year.

Edited By: Shashwat Bhandari @ShashBhandari New Delhi Published on: December 27, 2023 22:18 IST
Representational image
Image Source : FILE PHOTO Representational image

Rules changing from January 1: As the new year is just around the corner, several rules related to peoples' work in day-to-day life will change. Let's take a look at some key changes which will take place from January 1, 2024.

Demat account holders' nomination declarations

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30. 

Aadhaar Card 

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process. 

Bank locker agreement 

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud

As smartphone usage has upscaled in India, online fraud and scams have upscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs 50 lakh.

Mandatory biometric details for verification

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return 

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

ALSO READ | RBI approves lending, borrowing in government securities to deepen bond market

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