Know the key changes affecting demat, Aadhaar, and more set to roll out from January 1, 2024
New Delhi, December 18: As 2023 draws to a close, significant changes are poised to take effect at the advent of the new year, directly influencing the daily routines and interactions of people across the nation. These changes span various sectors, prominently impacting banking procedures, dematerialised stock trading (demat), Aadhaar updates, and international regulations. As the calendar flips to January 1, 2024, these adjustments will significantly shape both our domestic affairs and global engagements.
Demat Account Nomination: Investors involved in stock trading utilising demat accounts face a crucial alteration. The Securities and Exchange Board of India (SEBI) has mandated that all demat account holders either declare nominations or opt out by January 1, 2024. Failure to comply will result in the inability to conduct stock transactions. This deadline was previously September 30 but was extended by three months.
Revised Bank Locker Agreement: The Reserve Bank of India (RBI) has set a deadline of December 31, 2023, for customers to sign revised agreements for bank lockers. Failure to meet this deadline will lead to the freezing of their lockers. The central bank had extended this deadline by a year for customer convenience.
Aadhaar Corrections Without Charges: Until December 31, 2023, individuals can update Aadhaar details online without incurring fees. After this date, a fee of Rs 50 will be applicable for any changes in this identity document. This announcement follows a previous deadline extension from September 14, 2023.
Elimination of Paper-based KYC for SIM Cards: Starting January 1, 2024, individuals seeking new SIM cards for mobile phones will no longer be required to fill out paper-based KYC forms, as per the Department of Telecommunications (DoT) notification.
Canada's Financial Requirement for International Students: Commencing January 1, Canada will implement revised regulations for incoming international students, doubling the financial requirement for cost-of-living support. Prospective students will need to demonstrate access to $20,635, up from the longstanding $10,000 requirement, impacting the influx of students, including those from India, and will also involve travel and tuition costs.
- With inputs from agencies
