New Year 2024 brings important changes: UPI IDs, bank lockers, SIM KYC, and more
₹5,000. However, taxpayers whose total income remains below ₹5 lakh will only have to pay a reduced penalty of ₹1,000.
Mobile phone users will be able to get new SIM cards without filling out the paper forms on the first day of 2024. According to a notification by Department of Telecommunications (DoT), the paper-based know-your-customer (KYC) process will be done away with from January 1.
"Considering various amendments/changes made in the existing KYC framework from time to time, it has been decided by the competent authority that the use of Paper-based KYC process, as envisaged in instructions dated 09.08.2012, shall be discontinued effect from 01.01.2024," the notification read. Several automakers in India, including Maruti Suzuki, Mahindra & Mahindra, and Audi India, have announced plans to increase the prices of their passenger vehicles in January 2024 Milestone Alert!
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