New Delhi: With New Year 2024, many new things will come into effect from January 1, 2023. These changes will impact the day-to-day lives of the common man. Most of these new changes are connected 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 locker agreement and updating Aadhaar details for free.
Take a look at the changes that will come into effect from January 1, 2024:
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Demat Nomination
This is crucial for all who are into stock trading. Demat (short for dematerialised) helps investors hold shares and securities in an electronic format. The SEBI has made it mandatory for all demat account holders to either furnish nomination or opt out of nominations by January 1, 2024. If the investors fail to do so, they won’t be able to transact in stocks. The earlier deadline for the demat nomination was September 30 and was extended by three months.
Bank Locker Agreement
The bank locker agreement will change after January 1, 2024. The Reserve Bank of India (RBI) has kept the last date to sign revised bank locker agreement by December 31, 2023. If bank customers fail to do so, their lockers will be frozen and they will not be able to access it. The central bank had extended the deadline by a year for the convenience of bank customers.
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Aadhaar Card Update For Free
The deadline to update Aadhaar details online for free is December 31, 2023. After this date, a charge of Rs 50 will be imposed for requesting any change in the identity proof document. The earlier deadline was September 14, 2023.
No Paper-Based KYC For Sim Cards
The mobile phone users who are planning to buy new SIM card will not face the hassle of filling out a paper form from the first day of 2024. As per the notification by Department of Telecommunications (DoT), the paper-based know-your-customer (KYC) process will be done away with from January 1.
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Canada To Double Cost-Of-Living For Foreign Students
Apart from these above changes, Canada is also planning to implement changes in its rules for incoming international students beginning January 1, that will double the cost-of-living financial requirement for them, Immigration Minister Marc Miller announced earlier this month. The new change from Canda will impact the arrival of foreign students into the country, including from India.
