List of Deadlines Extended and Not Extended Beyond 31st December 2023
As the year 2023 drew to a close, numerous crucial deadlines loomed on December 31, affecting various financial, banking, and regulatory aspects. Some of these deadlines were extended, providing individuals with additional time to comply, while others remained fixed, necessitating timely action. The following is a comprehensive breakdown of deadlines that either lapsed or were extended beyond December 31, 2023, shedding light on their implications and outcomes.
Contents
List of Deadlines Not Extended Beyond 31st December 2023:
Bank Locker Agreement:
The Reserve Bank of India (RBI) had mandated the signing of new bank locker agreements by December 31, 2023. Failure to comply with this requirement could lead to implications based on the revised standards set forth by the RBI.
Last Date for Filing Belated ITR:
According to the Income-tax Act of 1961, December 31, 2023, marked the deadline for filing delayed Income Tax Returns (ITR). A penalty of up to Rs 5,000 was applicable for late submissions. This deadline affected individuals who missed the initial filing deadline, typically falling on July 31.
SBI Home Loan Concession:
State Bank of India (SBI) had introduced a special campaign offering discounts of up to 65 basis points (bps) on home loans. This exclusive offer was valid until December 31, 2023, providing potential borrowers with reduced interest rates on various home loan categories.
Inactive UPI:
The National Payments Corporation of India (NPCI) had announced plans to discontinue UPI services for accounts dormant for more than a year starting from December 31, 2023. Users failing to conduct transactions within this period risked losing access to their UPI accounts.
Indian Bank and IDBI Bank Special Fixed Deposits:
Both Indian Bank and IDBI Bank had introduced special fixed deposit schemes, namely “Ind Super 400,” “Ind Supreme 300 days” by Indian Bank, and “Amrit Mahotsav FD” by IDBI Bank. The deadline for investment in these schemes was fixed at December 31, 2023, with no extensions granted beyond this date.
Also Read: How can I make a UPI Tap & Pay transaction? (Step-by-Step Method)
List of Deadlines Extended Beyond 31st December 2023:
SBI Amrit Kalash Scheme:
State Bank of India extended its ‘Amrit Kalash’ special fixed deposit scheme for retail customers beyond the initial deadline of December 31, 2023. This extension allowed interested individuals more time until March 31, 2024, to avail themselves of the scheme offering varying interest rates for regular customers and senior citizens.
Demat and Nomination Deadline:
The markets regulator, SEBI, extended the deadline for demat and mutual fund account holders to submit nominations. The previous deadline of December 31, 2023, was extended to June 30 of the following year, granting investors additional time to designate beneficiaries or make necessary changes.
Aadhaar Card Update Deadline:
The Unique Identification Authority of India (UIDAI) provided a three-month extension for individuals wishing to update their Aadhaar cards for free. The deadline was extended to March 14, 2024, allowing more time for individuals to complete necessary updates without incurring charges.
In addition to these deadline extensions and lapsed dates, it’s essential to note that from January 1, 2024, the paper-based Know Your Customer (KYC) process for SIM cards would transition entirely to a digital format, simplifying and streamlining the KYC procedure for users.
