New rules 2024: A new year always brings with it fresh emotions. However, there will also be some additional changes that will impact more than just our wallets—many laws, etc., will also change. There are going to be a lot of rules that you need to be aware of starting in January 2024. This covers the guidelines for SIM cards and insurance. Let's investigate.
New Regulations for SIM Card Purchases
The process of purchasing and maintaining SIM cards will alter. The updated telecom bill is now a law. The government is enacting regulations on the sale and purchase of SIM cards in an effort to combat online fraud. Digital KYC will now be required in order to purchase a SIM card. Telecom companies will now require biometric data to be provided by all customers purchasing SIM cards. Fake SIM card holders risk a fine of up to Rs 50 lakh and a maximum 3-year prison sentence. SIM vendors must now comply with a new regulation, which requires them to undergo verification. Furthermore, the distribution of SIM cards in bulk will no longer be permitted.
Last Day for Bank Locker Agreement Update
Clients who own bank lockers can choose to deposit the money by signing the updated bank locker agreement by December 31st. If they still don't, their locker will be locked as of January 1st.
January 1 Marks a Milestone for Insurance Companies
The Insurance Regulatory and Development Authority of India, or IRDAI, is the regulatory body that oversees the insurance industry. As of January 1, all insurance companies are required to give their clients customer information sheets that contain simplified explanations of all pertinent insurance-related information.
The Launch of the Insurance Trinity Project
The Insurance Trinity Project is going to get going. The government hopes to accomplish various objectives through the use of these products, which include Insurance Sugam, Insurance Extension, and Insurance Carrier products. The goal is to work on women's empowerment through insurance carriers, from facilitating purchases through Bima Sugam to offering affordable insurance protection through insurance expansion. Anytime in the new year, but preferably in January, these three products will be released.
No Room for Amendments
Beginning on January 1, taxpayers who failed to file their income tax returns for the fiscal year 2022–2023 (AY-2023–2024) will not be permitted to file their late returns. Furthermore, taxpayers with errors on their returns will not be allowed to file their amended returns.
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