Other changes that will come into effect from January 1, 2024 include a bank vault agreement and free updating of Aadhaar data.
New Delhi: With New Year 2024, many new things will come into effect from January 1, 2023. These changes will impact the daily lives of the common man. Most of these new changes are related to the banking sector, including online stock trading – also known as the demat account. Other changes that will come into effect from January 1, 2024 include a bank vault agreement and free updating of Aadhaar data.
View the changes that will take effect from January 1, 2024 here:
Demat nomination
This is crucial for anyone who is into stock trading. Demat (short for dematerialized) helps investors hold shares and securities in electronic format. The SEBI has made it mandatory for all demat account holders to file nominations or opt out of nominations by January 1, 2024. If the investors do not do this, they cannot trade in shares. The earlier deadline for the demat nomination was September 30 and was extended by three months.
Bank Vault Agreement
The bank vault agreement will change after January 1, 2024. The Reserve Bank of India (RBI) has kept the deadline to sign the revised bank vault agreement by December 31, 2023. If bank customers do not do this, their safe deposit boxes will be frozen and they will not be able to access them. For the convenience of bank customers, the central bank had extended the deadline by one year.
Free Aadhaar Card Update
The deadline to update Aadhaar details online for free is December 31, 2023. After this date, a fee of Rs 50 will be charged for requesting changes in ID proof. The previous deadline was September 14, 2023.
No paper KYC for SIM cards
Mobile phone users planning to buy a new SIM card will no longer have to deal with the hassle of filling out a paper form from the first day of 2024. According to the notification issued by the Department of Telecommunications (DoT), the paper-based know-your- The customer process (KYC) will be abolished from January 1.
Canada will double the cost of living for foreign students
In addition to these changes above, Canada also plans to implement changes to its rules for incoming international students starting January 1 that will double the financial cost of living for them, Immigration Minister Marc Miller announced earlier this month. The new change from Canda will impact the arrival of foreign students to the country, including from India.