The new financial year kicks off on April 1st, 2024, and with it comes a wave of rule changes across India. These updates have a direct impact on everyday life, so staying informed is crucial. Let’s dive into the top six changes that will affect your wallet, travel plans, and financial security.
1. FASTag Update: No KYC, No Toll Booth Breeze
Calling all highway travelers! From April 1st, the National Highway Authority of India (NHAI) is cracking down on FASTags without KYC (Know Your Customer) verification.
If you haven’t completed your KYC by March 31st, 2024, your FASTag risks being blacklisted, leading to manual toll payments and potential delays. Remember, “One Vehicle, One FASTag” – ensure your FASTag is KYC-compliant to avoid any hassles on the road.
2. PAN-Aadhaar Link: Don’t Miss the Deadline!
The government has emphasized the importance of linking your PAN card with your Aadhaar card. The deadline for this crucial step is also March 31st, 2024.
Failing to link your PAN with Aadhaar will lead to the deactivation of your PAN, potentially causing disruptions in financial transactions and tax filing. Don’t wait – complete the linking process before the deadline to avoid any penalties or inconveniences.
3. Insurance Policy Changes: Surrender Value Gets a Revamp
Attention insurance policyholders! The Insurance Regulatory and Development Authority of India (IRDAI) is proposing a new system for surrender value, which is the amount you receive if you cash out your policy before maturity. Under the proposed “graded surrender value” system, the payout will vary depending on how long you’ve held the policy.
Expect lower or no surrender value for policies surrendered within the first three years, with a gradual increase for those surrendered between years four and seven. Carefully consider these changes before making any decisions about your insurance policies.
4. Two-Factor Authentication Boosts NPS Security
The Pension Fund Regulatory and Development Authority (PFRDA) is taking steps to enhance the security of the National Pension System (NPS). Starting from April 1st, a two-factor authentication process will be mandatory for accessing your NPS account through the Central Recordkeeping Agency (CRA).
This additional layer of security will involve using your Aadhaar card for login verification. New and existing NPS members will need to adapt to this two-factor authentication process to ensure secure access to their accounts.
5. Kia Motors Price Hike: Buckle Up for Higher Costs
Planning to buy a brand new Kia car? Be prepared for a price bump! Kia Motors India has announced a price increase of 3% for all its car models, effective from April 1st, 2024.
This decision comes amidst rising costs of raw materials and disruptions in the supply chain. If you’ve been eyeing a Kia vehicle, consider finalizing your purchase before April to avoid paying the increased price.
6. SBI Debit Card Fee Update: A Slight Increase
State Bank of India (SBI) customers, heads up! The bank is revising its annual maintenance charges for certain debit cards, effective from April 1st, 2024. Expect an increase of Rs. 75 on the annual fees associated with specific debit cards.
Check the official SBI website for details on which cards are affected by this change. Plan your finances accordingly to accommodate this potential increase in debit card maintenance costs.
Conclusion: Staying Informed is Key
These six rule changes highlight the importance of staying updated on government and industry regulations. By being aware of these shifts, you can make informed decisions that impact your finances, travel plans, and overall well-being. Keep an eye out for further updates as the new financial year unfolds!
