Finance-Related Rules Changing From April 2024: The fiscal year 2024-25 begins today, April 1, 2024, and as usual, it will bring some changes in financial rules and regulations that will have a direct impact on ordinary citizens. The new regulations that come into force with the commencement of the new fiscal year will have an impact on people's investments and expenditures. Let us take a look at the significant financial changes and new regulations that will be implemented on April 1.
One vehicle one FASTag
The 'One Vehicle, One FastTag' initiative started by NHAI seeks to discourage the use of a single FastTag for multiple vehicles or the linking of numerous FastTags to a single vehicle. The goal to bring it is to increase the efficiency of the electronic toll collection system and provide smooth traffic flow at toll plazas on National Highways and Expressways. The new rule is now effective from April 1, 2024.
Compulsory e-Insurance
The Insurance Regulatory and Development Authority of India (IRDAI) previously announced that all insurance policies should be digitized by April 1, 2024. The direction instructed that all insurance policies, including health, life, and general insurance, must be issued online. Following IRDAI guidelines all insurance policies will now be digitised from April 1, 2024, onwards.
Also Read: SBI Internet Banking, YONO Apps, UPI Service Down; Know Reason Here
Automatic transfer of EPFO balance
Changing jobs is a common practice, especially in the private sector. The Employees' Provident Fund Organization (EPFO) has implemented an automated transfer system for provident fund balance if an employee changes jobs. Employees don't have to manually request a transfer when they begin a new job. EPFO will automatically credit your PF balance to your new employer's account, ensuring the continuity of your retirement savings.
Two-factor authentication for NPS
Two-factor Aadhaar authentication process to access the CRA system using a password in an enhanced system to execute additional security measures for the National Pension System account will be executed from April 01. This was declared through a circular on March 15, 2024.
The goal of introducing the two-factor Aadhaar authentication method is to provide additional security to fingerprint authentication and reduce forgery attempts, therefore increasing the security of Aadhaar-authenticated transactions.
SBI Credit Card Change
SBI Card has announced that reward points on rent payment transactions of certain credit cards will be terminated beginning April 1, 2024, for well-known credit cards including SBI Card Elite, SBI Card Elite Advantage, AURUM, and SimplyClick SBI Card. Additionally, rewards point accumulation on rent payment transactions for specific credit cards will cease on April 15, 2024.