Nine top financial changes in December 2023: December is a month when it is a good time to review one’s finances as one step into the new year. Various financial changes will take place in December 2023, including a new timeline for IPOs, changes to lounge access on HDFC Bank’s Regalia credit card, and the deadline for free updation of Aadhaar. However, there are a few money changes that may impact your wealth in the same month and we’ve got it decoded for you.
Key changes in December 2023 that you should know
1)New timeline for IPOs
The Securities and Exchange Board of India (SEBI) has reduced the timeline for listing of IPOs from existing T+6 days to T+3 days. The new timeframe will be mandatory for all the issues that come after December 1.
The new SIM card rules introduced by the government will bring in a slew of changes, including banning the sale of bulk SIM cards, mandatory registration of PoS franchisees, agents, and distributors by telecom operators, and police verification of SIM dealers, among others. The new rules will finally come into force on December 1.
Every year by November 30, Central and state government pensioners must submit their life certificates or Jeewan praman patra in order to continue receiving pensions. If you do not submit your life certificate by November end, your pension may be stopped.
4) Changes to lounge access on HDFC Bank’s Regalia credit card
HDFC Bank has tweaked some rules for its Regalia Credit Card. Starting 1st December, 2023, the lounge access program for the Regalia Credit Card will be based on the cardholder’s spending. Cardholders who spend ₹1 lakh or more in a calendar quarter can avail of up to two complimentary lounge access vouchers as part of the quarterly milestone benefit.
5) Deadline for free updation of Aadhaar
Earlier this year, UIDAI allowed citizens to update details on their Aadhaar card online free of cost. Subsequently, the government extended this deadline twice. This deadline will end on 14 December.
The Securities and Exchange Board of India (SEBI) on September 26, extended the deadline for existing demat account holders to provide a choice of nomination by another three months to December 31, 2023. Further, SEBI has given time till December 31, for physical security holders for submission of PAN, nomination, contact details, bank account details, and specimen signature for their corresponding folio numbers.
The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.
8) Bank locker agreement
According to the Reserve Bank of India (RBI), new rules for safe deposit lockers require customers to sign a new agreement with their banks. Customers are only allowed to use the locker as long as they pay the rent. The deadline for the agreement is December 31, 2023.
9) File your revised or belated returns
December 31, 2023, is the last day to file revised returns or belated returns if you haven’t yet filed them.
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Updated: 30 Nov 2023, 03:28 PM IST