With the onset of the New Year in 2024, several changes will take effect from January 1, 2023, impacting the daily lives of the general public. Most of these changes are related to the banking sector, including online stock trading, also known as the demat account. Other changes scheduled for January 1, 2024, involve a bank locker agreement and the opportunity to update Aadhaar details for free.

Here’s an overview of the changes coming into effect from January 1, 2024:

Demat Nomination:
For individuals engaged in stock trading, demat (dematerialized) accounts are essential for holding shares and securities in an electronic format. The Securities and Exchange Board of India (SEBI) has mandated that all demat account holders must either provide a nomination or opt out of nominations by January 1, 2024. Failure to comply will result in an inability to transact in stocks. The initial deadline for demat nominations was September 30, but it was extended by three months.

Bank Locker Agreement:
Changes to the bank locker agreement will take effect after January 1, 2024. The Reserve Bank of India (RBI) has set the deadline for signing the revised bank locker agreement by December 31, 2023. Failure to meet this deadline will lead to the freezing of lockers, preventing access. The central bank extended the deadline by a year for the convenience of bank customers.

Aadhaar Card Update for Free:
The deadline for updating Aadhaar details online for free is December 31, 2023. After this date, a fee of Rs 50 will be imposed for any changes to the identity proof document. The initial deadline was September 14, 2023.

No Paper-Based KYC for SIM Cards:
Starting January 1, 2024, individuals purchasing new SIM cards will no longer need to fill out paper forms. According to the Department of Telecommunications (DoT) notification, the paper-based know-your-customer (KYC) process will be discontinued from the beginning of the new year.

In addition to these changes, Canada is planning to implement rule changes for incoming international students from January 1. This includes doubling the cost-of-living financial requirement for foreign students, affecting their arrival in the country, including those from India. Immigration Minister Marc Miller announced this change earlier this month.