From paperless KYC for SIMs to closure of inactive UPIs, these new rules to kick in from Jan 1

The rules will have a direct impact on a common person's daily life.

Updated on: Dec 31, 2023, 13:22:48 IST

By HT News Desk, New Delhi

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On the first of every month, some new rules come into effect. As these have a direct impact on a common person's daily life, one must know which rules will be taking shape on the first day of a month.

Here are some rules (new/updated or deadlines) that will kick in from January 1, 2024:

Paperless KYC for SIM cards: On the first day of the new year, the existing process of paper-based Know Your Customer (KYC) process will be replaced by paperless KYC. Rules for new mobile connections, however, remain unchanged.

Inactive UPI accounts to close: The National Payments Corporation (NPCI) has directed payments apps to deactivate UPI IDs that remain inactive for more than a year as of December 31.

Cheaper cylinders: In Rajasthan, LPG cylinders under Pradhan Mantril Ujjwala Yojana (PMUY) will be available for ₹450, down from the current rate of ₹500.

Income tax returns: December 31 is the deadline for both belated and revised ITRs (July 31 was the deadline for regular ITRs). Taxpayers filing belated returns must pay a maximum penalty of ₹5000, but the process is free of cost for those submitting revised ones.

Bank locker agreement: People with bank lockers must sign the revised bank locker agreement by December 31, failing which, starting from the very next day, their lockers will be frozen.

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HT News Desk
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