Rules Changing from 1 April 2024: With the beginning of the new financial year, there are many financial rules which are going to change. We are giving you information about this.
Financial Rules Changing from 1 April 2024: The financial year 2023-24 is in its last phase. With the beginning of the new financial year, there are many rules which are going to change. This will have a direct impact on the pockets of common people. This includes rules related to login rules in NPS to Fastag KYC. We are giving you information about this.
1. Aadhaar-based authentication will be required to log in to NPS.
Pension regulator PFRDA has changed the rules for logging in to the NPS account. Now to log into the NPS account, apart from the user ID and password, you will also need the mobile number linked to Aadhaar. Now OTP will come on the mobile number linked to your Aadhaar, only after entering which you will be able to log in to the NPS account. This rule will come into effect from April 1.
2. Changes in the rules of SBI’s credit and debit cards.
Giving a shock to crores of its customers, the country’s largest government bank has decided to increase the annual maintenance charge of various debit cards. This rule will come into effect from April 1. Along with this, the bank has also given a shock to the credit card users and has decided to stop the reward points available on rent payment from April 1. This will affect AURUM, SBI Card Elite, SBI Card Pulse, SBI Card Elite Advantage and SimplyCLICK SBI Card credit card users.
3. Changes in credit card rules of other banks
Yes Bank has decided to change the rules of its credit card. If a credit card user spends at least Rs 10,000 in a quarter, he will get domestic airport lounge access. This facility will be implemented from April 1. At the same time, big private sector bank ICICI Bank is also giving complimentary airport lounge access to its customers on spending up to Rs 35,000 in a quarter. This rule will come into effect from April 1, 2024.
4. Changes in EPFO rules
There is going to be a big change in the rules of Employees Provident Fund Organization (EPFO) from April 1. Now in case of change of job, the EPFO account of the employee will automatically be transferred to the new employer. Earlier, accounts were transferred only on the request of the account holders.
5. New tax regime will be the default option
There is going to be a big change in the income tax rules from April 1. Now the new tax regime will become the default tax regime. In such a situation, if you do not choose between the old and new tax regime, then your ITR will be filed under the new tax regime. Under the new tax regime, you do not have to pay even a single rupee tax on income of Rs 7 lakh.
6. Fastag KYC is necessary
NHAI has asked people to update KYC before April 1. Failure to do so will result in your Fastag account being deactivated. After this, even if you have money in your account, you will not be able to pay your toll.
7. Prices of medicines are going to increase
India’s drug price regulator has announced an annual increase of 0.0055 percent in the prices of some essential medicines under the National List of Essential Medicines (NLEM). After this, the prices of many essential medicines including pain killers, antibiotics and anti-infection medicines will increase from April 1, 2024.
8. There is going to be a change in the rules of insurance
Big changes are also going to happen in the insurance sector from April 1. IRDAI has changed the rules of surrender value by changing the rules. Now, the later the customer surrenders the policy, the higher the surrender value he will get. If you surrender the policy within 3 years, you will get less surrender value than the face value. However, if the policy is surrendered within 4 to 7 years, there may be some increase in the surrender value.
