Major Rule Changes Coming Into Effect From January 1st
Major Rule Changes Coming Into Effect From January 1st

The beginning of the year 2024, starting from January 1st, is anticipated to bring significant changes across the country. With the new year, several rule changes from January 1st are set to have a direct impact on various aspects, ranging from bank lockers to the prices of LPG cylinders. Let's delve into these changes in detail:

LPG Cylinder Price Changes:
As is customary on the first day of the month, January 1st holds the attention of the public for anticipated changes. The prices of cooking gas directly affect the common man's pocket. Recently, the government provided relief in the prices of 19-kilogram commercial gas cylinders. However, there hasn't been a significant change in the prices of LPG cylinders used in households. Currently, in major metropolitan cities, a 14-kilogram cylinder is priced at Rs. 903 in Delhi, Rs. 929 in Kolkata, Rs. 902.50 in Mumbai, and Rs. 918.50 in Chennai, without subsidy.

Bank Locker Agreements:
The Reserve Bank of India (RBI) has revised the Bank Locker Agreement, giving users until December 31st to make a decision. This deadline is crucial as failing to revise the locker agreement by January 1st may result in banks asking customers to vacate their lockers. If you have a bank locker, it is advisable to complete the new locker agreement promptly.

Attention for UPI Users:
January 1st brings a special note for users making UPI payments. The National Payments Corporation of India (NPCI) has decided to close UPI IDs associated with online payment apps like Paytm, Google Pay, and PhonePe, if they have not been used for a year or more. Users with such UPI IDs should conduct transactions promptly.

New SIM Card KYC Process:
Changes from January 1st extend to the telecom sector. The Telecom Department is ending the paper-based Aadhar-based KYC process for obtaining a new SIM card. Instead, digital KYC (E-KYC) will be mandatory, eliminating the need for filling out paper forms.

Updated ITR Filing:
For those who missed the income tax filing deadline of July 31, 2023, there is an opportunity to file updated Income Tax Returns (ITR) until December 31. Late fees for updated ITR vary based on income. Taxpayers with income exceeding Rs. 5,00,000 will incur a penalty of up to Rs. 5,000, while those with income below Rs. 5,00,000 will face a penalty of Rs. 1000.

In addition to these five major changes, other alterations include new regulations for insurance companies. The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurance firms to provide customers with essential policy-related information separately. Furthermore, from January 1, 2024, purchasing a vehicle in the country may become more expensive due to a potential increase in car prices by car manufacturers such as Maruti, Mahindra, Kia, Hyundai, Honda, and Tata. January also brings an abundance of bank holidays, with banks closed for 16 days during the month.

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