FASTag KYC Deadline Update: FASTags have become an important part of people’s lives. They allow commuters going on a road journey to pay the toll digitally and avoid the hassle of taking out cash. But National Highways Authority of India (NHAI) recently launched the ‘One Vehicle, One FASTag’ initiative, asking users to get the Know Your Customer (KYC) regulations done. If they forget to get it done, their FASTags will be deactivated. The highways authority kept the deadline as February 29, but now, news agency PTI has reported that the last day might be extended.

An NHAI official told PTI that the authority could give users more time “in view of the Paytm crisis”.

The compliance deadline could be extended to March-end. However, no official confirmation has come from NHAI.

FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.

Several banks and wallet services like Paytm offer FASTags on their platforms, which is linked to users’ bank accounts.

On January 31, the Reserve Bank of India (RBI) directed Paytm Payments Bank to stop on boarding new customers from February 29. The central bank later extended the deadline by 15n days – till March 15. It also clarified that customers using @paytm UPI handles can be migrated to banks post approval from National Payments Corporation of India or NPCI.

Paytm reached out to its customers, informing them that the business will remain afloat. The company said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank’s unit, as part of the overhauling process.

Meanwhile, Japan’s SoftBank Group sold a stake of 2.17 per cent in Paytm, an exchange filing showed on Thursday.

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.