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Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023

Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023

 

Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023

New Year 2024 brings significant changes: UPI IDs, bank storage spaces, SIM KYC.

As we invite New Year 2024, a few new standards become effective as it’s the main day of the month.Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023.

Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023

Big Changes in UPI ID's Bank Balance and SIM Card KYC 2023

 

A few changes will happen. Since these progressions will straightforwardly affect you, it is imperative to realize which rules will be coming to fruition on the main day of the month.

Here is a gander at changes happening from January 1, 2024 of Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023.

1) Dormant UPI IDs

The Public Installments Enterprise of India (NPCI) in a roundabout dated 7 November, has asked installment applications and banks to deactivate the UPI IDs and numbers that poor person been dynamic for over one year.

Each bank and outsider application needs to follow these till 31st December.

2) Bank storage arrangement

As per the Save Bank of India (RBI), new guidelines for safe store storage spaces expect clients to consent to another arrangement with their banks.

Clients are simply permitted to utilize the storage as long as they pay the lease. The cutoff time for the arrangement is December 31, 2023.

3) Late ITR recording cutoff time

The last date to record Annual Government forms with punishment expenses for the financial year 2022-23 is additionally moving toward on December 31, 2023.

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Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023

Big Changes in UPI ID's Bank Balance and SIM Card KYC 2023

 

Under Segment 234F of the Personal Duty Act, people who neglect to document their profits before the due date will be dependent upon a late recording charge. For the individuals who missed the cutoff time, the punishment is ₹5,000.

Notwithstanding, citizens whose complete pay stays beneath ₹5 lakh will just need to suffer a diminished consequence of ₹1,000.

4) No paper-based KYC for SIM cards

Cell phone clients will actually want to get new SIM cards without finishing up the paper structures on the primary day of 2024.

As indicated by a notice by Branch of Broadcast communications (Spot), the paper-based know-your-client (KYC) cycle will be discarded from January 1 in respect of Big Changes in UPI ID’s Bank Balance and SIM Card KYC 2023.

“Keeping in mind the various modifications/modifications made to the existing KYC system over time, it was chosen due to the ingenious strength of using paper-based KYC process, as imagined in directions dated 09.08.2012, will be stopped impact from 01.01.2024,” the notice read.

5) Expanded vehicle costs

A few automakers in India, including Maruti Suzuki, Mahindra and Mahindra, and Audi India, have reported plans to expand the costs of their traveler vehicles in January 2024

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