Changes Coming Into Effect From January 1: Demat Nomination, Bank Locker, and Aadhaar Updates!

As 2023 comes to a close, prepare for significant changes in the new year affecting stock trading, bank locker agreements, Aadhaar updates, and more.

Attention India
3 Min Read

19 December 2023, Mumbai: As the new year approaches, significant changes in the financial landscape are set to reshape the way individuals engage with their economic affairs. Particularly, stock traders utilizing demat accounts are mandated by the Securities and Exchange Board of India (SEBI) to declare their nominees or explicitly opt out by January 1, 2024. Failure to comply by this deadline will result in an inability to execute stock transactions. Simultaneously, the Reserve Bank of India (RBI) has stipulated that revised agreements for bank lockers must be signed by December 31, 2023, with lockers facing potential freezing for those who do not adhere to this requirement.

Fee Implementation and Last-Minute Corrections

Changes in the Aadhaar realm are poised to affect citizens as the deadline for free online updates draws near. Until December 31, 2023, individuals can freely make corrections to their Aadhaar details. However, starting January 1, 2024, a fee of ₹50 will be imposed for any alterations to this crucial identity proof document. This development follows an extension from the previous deadline of September 14, 2023, emphasizing the need for individuals to act promptly to avoid additional charges.

SIM Card KYC Shifts to Paperless Process

A notable shift in the telecommunications domain is scheduled to take effect from the beginning of the new year. The Department of Telecommunications (DoT) has announced the cessation of the paper-based know-your-customer (KYC) process for acquiring new SIM cards starting January 1, 2024. This move aims to streamline and modernize the onboarding process for mobile phone users, eliminating the cumbersome paper form requirements.

Changes in Canada’s Rules for International Students

Beyond domestic alterations, global policy changes are also on the horizon, specifically concerning international students in Canada. Beginning January 1, 2024, Canada will implement a substantial modification to its financial requirements for incoming international students. The cost-of-living financial requirement will be doubled, necessitating prospective students to demonstrate access to $20,635, compared to the previous $10,000 requirement. This shift will likely impact students arriving from countries such as India, altering the financial landscape for those pursuing education in Canada.

As the clock ticks towards the new year, these changes reflect a dynamic landscape in finance, telecommunications, and international policies. Individuals and businesses alike are urged to adapt to these transformations, ensuring compliance with regulatory mandates and embracing the evolving nature of global and domestic frameworks.

By Yashika Desai

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