New Regulation: Effective January 1, 2024, these regulations will switch from SIM card to demat account

 New Regulation: Effective January 1, 2024, these regulations will switch from SIM card to demat account

New Regulation: Effective January 1, 2024, these regulations will switch from SIM card to demat account

Rule Shift Effective January 1, 2024 Every month on the first, a number of new financial regulations go into force. The nation's financial laws will undergo significant changes on January 1, 2024. Your wallet will be directly impacted by each of these regulations. In this case, you need to be aware of the financial regulations that will change on January 1, 2024. Go through the whole news article.

There is now only one week left till the new year begins. Even though January 1, 2024, marks the start of a new year, several financial regulations in the nation will also change. The beginning of each month sees the implementation of several new financial regulations.

The regulations pertaining to bank lockers, SIM cards, demat accounts, and income tax returns will alter as of January 1, 2024. Your wallet will be impacted by these restrictions. Come on, tell us which new financial regulations are going to take effect next month.

SIM Card

The regulations pertaining to mobile SIM cards will alter with the enactment of the new Telecom Bill. According to this regulation, the telecom provider must now get the client's consent before sending any messages. In addition, telecom providers have been requested by the government to complete digital KYC. We would like to inform you that starting on January 1, 2024, obtaining a SIM card will require you to use biometric verification of your information.

Income Tax Return

By December 31, 2023, all taxpayers who did not submit an ITR for the fiscal year 2022–2023 will need to do so. In addition, if you file your taxes before December 31, 2023, you will be assessed a penalty. On January 1, 2023, penalties may be imposed on taxpayers who fail to submit returns.

Bank lockbox

By December 31, 2023, the Reserve Bank of India (RBI) wants the bank locker agreements (bank account holders) to be renewed. The locker holder will need to sign a new bank locker agreement as part of the renewal procedure. We would like to inform you that this agreement will take effect on January 1, 2024.

Demat account

The deadline for adding a nomination to a Demat Account is December 31, 2023, as announced by the Securities and Exchange Board of India (SEBI). If the account holders in this case fail to add the nominee, their accounts can be locked as of January 1, 2023.