Get Ready for a Fresh Financial Start in the New Year in Top 5 Financial Changes
As we embrace the joys and celebrations of 2024 with our families, it’s also a great time to get familiar with some critical changes in the world of finance. Starting from January 1st, these changes are not just formalities; they’re pivotal for managing our household finances more effectively and staying ahead in our financial journey.
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Navigating the Financial Changes Together in 2024
Let’s warmly welcome these fundamental financial shifts that are essential for every family:
- Streamlining Digital Payments – New UPI ID Rule: To make digital transactions smoother, inactive UPI IDs on platforms like PhonePe and Google Pay will be permanently deactivated if not used for over a year. This step by the NPCI is about making our digital wallets more secure and clutter-free.
- Secure Your Valuables – Updated Bank Locker Agreement: The RBI mandates a new agreement to be signed before the end of 2023 for families using bank lockers. It’s a move towards more secure and transparent use of locker facilities, ensuring our valuables are well-protected.
- Stay on Top of Taxes – ITR Filing Deadline: The deadline for filing Income Tax Returns for 2022-23 was December 31, 2023. Staying punctual with taxes to avoid penalties and keeping our family finances healthy is important.
- Simplifying Connectivity – No More Paper-based KYC for SIM Cards: Embracing the digital age, getting a new SIM card will now be hassle-free without needing paper-based KYC, as per the DoT’s latest move. It’s all about making our digital connections quicker and simpler.
- Plan Your Vehicle Purchases – Anticipate Price Increases: If a new car is on your family’s wishlist in 2024, let’s prepare for some price hikes announced by major auto manufacturers. It’s about planning and budgeting wisely for these big family purchases.
| Change | New Rule/Update/Notification |
|---|---|
| New UPI ID Rule | UPI IDs on payment apps like PhonePe GPay that have been inactive for over a year will be permanently deactivated. |
| Bank Locker Agreement | If you use a locker at your bank, you must sign a new agreement before December 31, 2023. If the locker rent is unpaid, usage will be restricted. |
| ITR Filing Deadline | UPI IDs on payment apps like PhonePe GPay that have been inactive for more than a year will be permanently deactivated. |
| No Paper-based KYC for SIM Cards | From January 1, 2024, acquiring new SIM cards will no longer require paper-based Know Your Customer (KYC) processes. |
| Vehicle Price Increase | Vehicle prices are set to increase from January 2024, as announced by major auto manufacturers like Maruti Suzuki, Mahindra & Mahindra, and Audi India. |
Stay Informed, Stay Prepared
Understanding these changes is like setting the foundation for a financially savvy and prepared household in 2024. These are not just updates; they’re stepping stones to a more excellent, efficient, and stable economic lifestyle for you and your family.
For more engaging and family-friendly financial insights, stay tuned with us at diggindianews. We are here to demystify the financial world and bring it toward your regular lifestyles, making it less complicated and more relatable for you and your family.
