It all began with linking the Aadhar number to the bank account. Then came linking Aadhar to PAN and many such things have been done in the recent past! I thought this kind of homework for the citizens and businesses would stop by now! But then I realized that the list is growing! It seems our present-day assignments (homework – (HW)!) surpass even the toughest tasks given by our schoolteachers.
HW # 1: Change the number plates: If your vehicle’s number plate is not High-Security Registration Plates (HSRP), then act on it now. You must book an online appointment through the transport department portal and follow the process. Costs vary, ranging from Rs.650 to Rs.850 for cars. Cannot book online? Talk to the vehicle dealers, they will do it by charging a nominal fee. Deadline: 17th May 2024. If not done, be ready to shell out a penalty of Rs.1000.
HW # 2: Updating KYC in FASTag: If you got the Fastag (it’s a toll collection system done through RFID) through the dealer at the time of purchase of the vehicle, they would have used the Chassis number of the vehicle instead of the vehicle number. The chassis number no longer works in toll booths. It must be changed to the vehicle number! Secondly, many Fastags issued a couple of years ago, may not be fully KYC compliant. If KYC is not updated before 29th Feb 2024, we will no longer be able to use Fastag, even if you have sufficient balance in the wallet.
HW # 3: Change of Name Board of business establishment. As per the amended Rules on usage of Kannada language, all name boards/signboards should display 60% of the writing in Kannada language and in the upper half of the name board. If not done, the licenses of businesses will be cancelled. While it costs a lot of money to change the boards; no choice it is a mandatory provision.
HW # 4: Obtaining Gratuity Insurance: If you are running a business in Karnataka, and have 10 or more employees, you are bound by Karnataka Compulsory Gratuity Insurance Rules. Though it looks like a very simple issue, it is going to cost crores of rupees for many establishments as an immediate outflow. Again, this is a deadline-driven initiative. As per the notification, by 10th March 2024, the business houses should be compliant! Like any other government rules, those violators will have to face penal action.
HW # 5 Nomination in Mutual Funds and Demat Accounts: The market regulator SEBI has mandated all account holders to complete the nomination process by June 2024. What happens if nomination details are not added? Beware, the investment accounts will be frozen!!! What if you don’t want the nomination at all? Submit a declaration!
HW # 6 New locker agreement: As per RBI, all the customers holding a safe or lockers in the banks should have signed a new agreement with their respective banks. If not done, the operations in the locker will be frozen. The due date to sign the agreement was 31st December. If you have not done it by now, please get this done as soon as you can. NRI/OCIs have lockers in Indian Banks, may check the process with your banker.
Sitting idle? Who said there is no work to be done? Just tackle your homework and see how time flies.