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From Aadhaar To Paperless KYC For SIM Cards; Some Changes From January 1 You Must Know

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With the imminent arrival of 2024, several impactful changes are slated to disrupt people’s daily routines. Predominantly centred around the banking sector, these alterations encompass various aspects such as online stock trading (demat accounts), bank lockers, and Aadhaar details updates—all set to take effect as the clock strikes midnight on December 31.

Let’s delve into the changes set to occur from January 1, 2024:

Demat Nominee Update: A significant change awaits individuals involved in stock trading. The Securities and Exchange Board of India (SEBI) has mandated that all demat account holders must provide nomination declarations or opt out of nominations by January 1, 2024. Failure to comply will result in the inability to transact in stocks. Initially set for September 30, the deadline has been extended by three months.

Bank Locker Agreements: The Reserve Bank of India (RBI) has set a deadline for customers to sign revised bank locker agreements by December 31, 2023. Failure to do so will result in the freezing of their lockers. The central bank extended this deadline by a year for customer convenienAadhaar Details Update: The deadline for updating Aadhaar details online for free is December 31, 2023. Any subsequent changes to this identity document will incur a charge of Rs 50. This announcement followed the previous deadline of September 14, 2023.

Aadhaar Details Update: The deadline for updating Aadhaar details online for free is December 31, 2023. Any subsequent changes to this identity document will incur a charge of Rs 50. This announcement followed the previous deadline of September 14, 2023.

Paperless KYC for SIM Cards: Beginning January 1, 2024, individuals seeking new SIM cards will no longer need to navigate the cumbersome paper-based Know Your Customer (KYC) process. The Department of Telecommunications (DoT) has notified the elimination of this requirement.

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