Rule change from March will have financial impact.
Several new rules will come into effect from the first day of March, which is also the last month of the current financial year, which will impact almost all the users. Those who are planning to go on a road trip also have to get their Know Your Customer (KYC) done by tomorrow (February 29) otherwise their FASTags will be deactivated. The National Highways Authority of India (NHAI) had issued a notification about its decision, which is meant to ensure only one FASTag is affixed on one vehicle.
Here’s a list of changes coming into effect from March 2024:
Changes in GST rules: From March 1, businesses with turnover above Rs 5 crore will not be able to generate e-way bill without including e-invoice details for all B2B transactions. Under the goods and services tax regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000.
Bank Holidays: The public and private sector banks will remain shut for 12 days in the month of March. These include the weekly offs on Saturdays and Sundays. According to RBI calendar, banks will remain closed on March 11 and 25 – second and fourth Saturday. Apart from this, March 5, 12, 19 and 26 will be Sundays.
FASTags to be deactivated: The NHAI has asked its users to mandatorily complete the Know Your Customer (KYC) for their FASTags till February 29. If not done, these electronic documents will become invalid from March 1. Here’s a step-by-step guide to help FASTag users.
Changes for SBI credit card users: According to the website of State Bank of India, it is changing the Minimum Day Bill Calculation process for its credit cards from March. The change will come into effect from March 15 and the bank has informed all its customers about it through e-mails.
Paytm restrictions: This is one of the important development that will take effect after March 15. The Reserve Bank of India (RBI) had directed Paytm Payments Bank to stop on boarding new customers from February 29, but the deadline was extended to March 15. Paytm is one of the largest payments platform and the move generated a lot of buzz.
