Inactive UPI IDs to be disabled
As per a circular issued by the National Payments Corporation of India in November, banks and payment applications like Google Pay and Paytm are mandated to deactivate UPI IDs of customers with no transactions for a year or more. Customers inactive on UPI since December 31 of the previous year won't be able to receive funds on their UPI IDs.
Digital KYC process for new SIM cards
The Department of Telecommunications (DoT) has discontinued paper-based KYC for SIM cards. Instead of filling out paper forms, customers will now undergo an Aadhaar-enabled digital KYC process to obtain new SIM cards.
File income tax returns
The deadline for submitting income tax returns (ITRs) for the fiscal year 2022-23 (AY 2023-24) was December 31, 2023. Late filing after this date incurs a penalty of Rs 5,000 (or Rs 1,000 for incomes less than Rs 5 lakh). December 31, 2023 was also the deadline for filing revised returns if needed.
Update nominations in demat account
For those involved in online stock trading or mutual funds, Sebi has extended the deadline for demat and MF account holders to submit nominations until June 30. The previous deadline for beneficiary nominations or opting out was December 31, 2023.
Costlier parcels - Online and offline
DHL Group, overseeing express logistics brands like Blue Dart, has announced a general price hike of around 7%. Customers using the services of this prominent shipping company will experience increased costs for sending shipments, both online and offline.
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