Financial rule changes from April 1: From NPS and FASTag to payment wallets and property tax | What’s new

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New Delhi: As the financial year 2023-24 (FY24) will come to a close on March 31, 2024, there will be important changes to financial rules and instruments from April 1, 2024, which marks the start of the new financial year 2024-25 (FY25).

FASTag KYC

If FASTag KYC is not updated by March 31, 2024, car owners will not be able to add money to their FASTag wallet from April 1. This may lead to inconvenience in the form of longer waiting times at toll booths and steeper toll charges.

National Pension System

The National Pension System has changed rules for account access. Now, users will not be able to log into their account with 2-factor Aadhaar authentication. This is aimed at enhancing account security and preventing fraud.

Important Update: Enhanced Security for NPS Transactions!

Starting from 1st April 2024, mandatory 2-factor Aadhaar Authentication will be in place for accessing the CRA system. This additional security measure aims to enhance protection and safeguard NPS transactions. pic.twitter.com/2BBWNXXxmw

— CAMS NPS India (@CAMSNPS) March 19, 2024

Now, after entering your login ID and password details on the NPS website, the user will be prompted to verify Aadhaar via OTP to access the account.

Property geo-tagging

Property owners in Delhi who have not mapped their property under the MCD”s geo-tagging provision will not be able to avail of 10 per cent discount on property tax from the new financial year starting April 1, 2024. Therefore, it is mandatory to complete property geo-tagging at the earliest.

Dear Residents & Property Owners 📢

Have you completed the Geo-Tagging process for your property? It’s essential to avail 10% rebate on your property tax paid on or before 30th June.

Hurry! Last date is 31st March, 2024.@LtGovDelhi@OberoiShelly@GyaneshBharti1 pic.twitter.com/JENLzSydKd

— Municipal Corporation of Delhi (@MCD_Delhi) March 29, 2024

Ola Money

Ola Money wallet users will not be able to access their wallet without KYC from April 1, 2024 since it will come under small prepaid payment instrument (PPI) from this date. The wallet limit will also decline from the new financial year.

SBI Amrit Kalash FD Scheme

SBI Amrit Kalash FD scheme will stop from April 1, 2024. The scheme is popular with investors since it offers higher returns to investors at 7.10 per cent for 400 days up to Rs 2 crore. Senior citizens are eligible for 7.60 per cent returns.

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