December is set to witness significant changes across various sectors, ranging from banking to telecommunications. Here's a brief overview of the upcoming alterations:
1. Wholesale SIM Card Purchase Restricted
As per the new regulations, retailers won't be allowed to sell SIM cards without complete Know Your Customer (KYC) verification. Additionally, bulk purchasing of SIM cards in wholesale markets will also be prohibited. This measure aims to curb fraudulent activities associated with SIM cards, with violators facing penalties up to 10 lakh and potential jail time.
2. Inactive UPI IDs Deactivated
The National Payments Corporation of India has mandated third-party providers and payment service providers to deactivate dormant UPI IDs and numbers by December 31. This step aims to streamline and secure the use of payment apps.
3. Penalties for Delayed Document Retrieval
After complete loan repayment, banks will penalize individuals who fail to return the pledged documents promptly. The penalty is set at Rs. 5,000 per month, providing an additional 30 days for document retrieval in case of misplacement.
4. Mandatory Life Certificate Submission for Pensioners
Government employees, both at the central and state levels, must submit their life certificates before the end of November. Failure to comply may result in pension discontinuation. The submission window is from October 1 to November 30 for those above 80 years and from November 1 to November 30 for individuals aged 60 to 80.
5. Free Aadhaar Updates until December 14
The Unique Identification Authority of India encourages citizens to update their Aadhaar details for free until December 14, particularly those who haven't done so in the last 10 years. This move aims to counter identity theft and fraud related to outdated Aadhaar information.
6. Extended Nomination Deadline for Demat Accounts
The deadline for submitting nominations for demat accounts has been extended until December 31, 2023. Shareholders are reminded to update PAN, nomination details, contact information, bank account details, and physical signature before the earlier of September 30, 2023, or face account freezing by SEBI.
7. Revised Locker Agreement Deadline
The Reserve Bank of India has set December 31, 2023, as the final date for implementing the modified locker agreement. Customers who deposited a revised locker agreement on or before December 31, 2022, may need to re-sign and submit updated locker agreements.
Stay informed and ensure compliance with these impending changes for a smooth transition into the evolving economic landscape.
